Palo Alto Networks price target lowered to $200 from $232 at Barclays

Barclays analyst Saket Kalia lowered the firm’s price target on Palo Alto Networks to $200 from $232 and keeps an Overweight rating on the shares ahead of the fiscal Q1 results on November 17. The analyst models 22% year-over-year billings growth in Q1, but sees potential upside of 29% based on seasonality and checks. Palo Alto has "air cover to de-risk" the fiscal 2023 guidance by not raising more than the Q1 beat at this point in the year, Kalia tells investors in a research note. He likes the setup for the shares into the print.