Evercore ISI lowered the firm’s price target on Palo Alto Networks to $385 from $405 and is adding Palo Alto to the firm’s “Tactical Underperform” list ahead of fiscal Q3 results. After having conducted a quarterly survey involving 15 large partners, the firm says the data suggests that the ecosystem maintains a positive long-term outlook, with continued optimism regarding 12-month revenue growth acceleration, but adds that there was some moderation in quarter-over-quarter pipeline momentum and said that Palo Alto’s “platformization” strategy received mixed reviews. The firm believes tactical caution into the Q3 print is “warranted” as it is taking a somewhat more cautious stance, though it maintains an Outperform rating on the shares.
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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PANW:
- DA Davidson technology analysts to hold an analyst/industry conference call
- Palo Alto Networks downgraded to Mixed from Positive view at OTR Global
- Morgan Stanley ‘incrementally more bullish’ on Palo Alto after checks
- Palo Alto Networks price target lowered to $355 from $380 at KeyBanc
- Palo Alto Stock (NASDAQ:PANW): Analysts Remain Bullish Despite Near-Term Pressures