Deutsche Bank analyst Brad Zelnick lowered the firm’s price target on Palo Alto Networks to $165 from $217 and keeps a Buy rating on the shares. The analyst expects 2023 to be another volatile year for software stocks with investors seeking confirmation of a bottom as fundamentals "likely deteriorate further." The firm prefers earlier cycle names within software for 2023 over later ones, and tells investors to "selectively begin picking away at quality growth."
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
See Insiders’ Hot Stocks on TipRanks >>
Read More on PANW:
- Palo Alto Networks initiated with an Outperform at Scotiabank
- Cantor Fitzgerald software analysts to hold an analyst/industry conference call
- Palo Alto Networks downgraded to Neutral from Buy at Guggenheim
- Jefferies software/Internet analyst to hold analyst/industry conference call
- Palo Alto Networks price target lowered to $220 from $268 at Morgan Stanley