Maxim Group analyst Nehal Chokshi maintained a Buy rating on Palo Alto Networks (PANW) yesterday and set a price target of $316. The company’s shares closed last Monday at $212.05.
Chokshi wrote:
“Sustained 20+% billings growth solid, Next-Gen security growth impresses. F1Q20 revenue guidance slightly below consensus, likely due to conservatism. FY20 & FY22 guidance above consensus on billings, as Next-Gen security growth accelerates. On raised FY20 billings estimates to in-line with guidance, raising 12-month price target to $316, from $304.”
According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 5.2% and a 51.3% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Turtle Beach Corp.
Currently, the analyst consensus on Palo Alto Networks is a Strong Buy with an average price target of $267.05, a 22.5% upside from current levels. In a report issued on August 22, Oppenheimer also reiterated a Buy rating on the stock with a $285 price target.
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The company has a one-year high of $260.63 and a one-year low of $160.08. Currently, Palo Alto Networks has an average volume of 1.28M.
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Palo Alto Networks, Inc. engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: Americas; Europe, the Middle East, and Africa; and Asia Pacific and Japan.
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