Palo Alto Networks price target lowered to $360 from $365 at RBC Capital

RBC Capital lowered the firm’s price target on Palo Alto Networks to $360 from $365 but keeps an Outperform rating on the shares after its Q3 results. The quarter was “not a clean” one relative to expectations, but the company’s underlying momentum was better than “first blush”, the analyst tells investors in a research note. Palo Alto’s billings was light of expectations, but this metric is likely becoming less relevant to the underlying tone of the business and a shift to remaining performance obligation or bookings for guidance could make sense at some point, RBC states. The firm further sees Palo Alto Networks remaining “well-positioned” to consolidate security spend and maintain above-peer growth.