Jefferies notes that Palo Alto Networks (PANW) is in talks to finalize a deal to acquire CyberArk (CYBR) for $20B-plus as soon as this week, per the Wall Street Journal. This potential deal has “significant merit,” in the firm’s opinion, given it strengthens Palo Alto’s position in AI, augments its Zero Trust capabilities with a full stack of identity solutions and provides a meaningful cross-sell opportunity given the enterprise customer base overlap. Jefferies has a Buy rating on Palo Alto with a price target of $235 on the shares.
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