Palo Alto Networks price target lowered to $325 from $400 at Susquehanna

Susquehanna lowered the firm’s price target on Palo Alto Networks to $325 from $400 and keeps a Positive rating on the shares. The firm noted 2Q billings came in soft, and management reduced the billings outlook again, largely citing customer spending fatigue and Fed weakness. In response, the company is accelerating its platformization strategy, which will add further pressure to the top-line metrics over the next 12-18 months with the hope of driving faster growth in the long-term.