Palo Alto Networks price target lowered to $283 from $300 at BMO Capital

BMO Capital lowered the firm’s price target on Palo Alto Networks to $283 from $300 and keeps an Outperform rating on the shares. There were numerous positive metrics in the quarter, though RPO bookings were weak, billings missed expectations, and the management lowered its FY24 billings guide, the analyst tells investors in a research note. BMO adds that it remains supportive of Palo Alto Networks, driven by the strength of its portfolio and solid end-markets excluding firewalls, but it also believes that a lower multiple is warranted.