Goldman Sachs analyst Gabriela Borges initiated coverage of Palo Alto Networks with a Buy rating and $205 price target. The analyst believes emerging software industry dynamics are favorable for long-term investors. Multi-product platforms have gained momentum, the industry is less cyclical, and unit economics outperform broader software, Goldman tells investors in a research note. Against these longer term positives, the firm expects to see a "more muted" demand environment in 2023. However, it believes this is largely anticipated by investors and looks to 2024 for "stabilization and potential reacceleration."
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