Palo Alto Networks price target lowered to $270 from $285 at Macquarie

Macquarie lowered the firm’s price target on Palo Alto Networks to $270 from $285 and keeps a Neutral rating on the shares. The stock fell 28% following the Q2 earnings report as management cut growth guidance on a platformization strategy shift, the analyst tells investors in a research note. The firm does not think cybersecurity demand is the fundamental issue. Rather, it views Palo Alto’s platformization push as a reflection of its core thesis on the cybersecurity market: CEOs want more proof of return on investment n cybersecurity investments after years of expanding cyber budgets and a worsening threat landscape.