Cantor Fitzgerald assumed coverage of Palo Alto Networks (PANW) with an Overweight rating and price target of $415, up from $400. Several online sources reported yesterday that Palo Alto has been awarded a five-year $996M deal with the Department of Defense through U.S. federal distributor Carahsoft, the analyst tells investors in a research note. The firm has increasing conviction in the company’s platform adoption, saying recent partner discussions highlight strong interest in and traction around Cortex XSIAM and Prisma Access Brows.
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