Rob Owens, an analyst from Piper Sandler, maintained the Hold rating on Palo Alto Networks (PANW – Research Report). The associated price target is $213.07.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Rob Owens has given his Hold rating due to a combination of factors affecting Palo Alto Networks. The current macroeconomic environment is challenging, which could limit enterprise IT investments and impact the overall health of the ecosystem partners that support these investments. This uncertainty has led to a more cautious approach in guidance, often falling short of expectations despite solid performance.
Additionally, while product revenue for similar companies has exceeded expectations, suggesting a positive outlook for Palo Alto Networks, the overall guidance remains conservative due to ongoing uncertainties. The recent acquisition of Protect AI and the dynamics around the firewall refresh cycle are expected to be key topics of interest, but these factors alone do not warrant a more aggressive rating at this time.
In another report released on May 17, Roth MKM also initiated coverage with a Hold rating on the stock with a $210.00 price target.