Palo Alto Networks shares surged Wednesday after Wall Street rewarded the cybersecurity company as budget crunches appear to be favoring larger vendors.
Palo Alto Networks Inc. shares surged Wednesday after Wall Street rewarded the cybersecurity company for another beat-and-raise quarter, as analysts said budget crunches among businesses are leading executives to favor larger vendors.
Citi Research analyst Fatima Boolani, who has a buy rating and raised her price target to $220 from $195, said there were “no holes to poke” in Palo Alto Network’s “healthy beat” and “touch mixed, but defensibly prudent” outlook, and that the report validated “three interrelated dynamics for cyber” in 2023.
DiFucci said the outlook was “solid ,” but noted it introduced a few questions on whether some product revenue from the third quarter will get pushed into the fourth. From November: Palo Alto Networks one of 2022’s best software stocks after another beat-and-raise quarter
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