Palo Alto Networks price target lowered to $365 from $450 at Jefferies

Jefferies lowered the firm’s price target on Palo Alto Networks to $365 from $450 and keeps a Buy rating on the shares following the fiscal Q2 earnings report. The shares were down as Palo Alto cut fiscal 2024 billings growth guidance to 10%-11% year-over-year versus 16%-17% prior, the analyst tells investors in a research note. The firm says this was driven by embracing “platformization” as Palo Alto looks to ease deal friction in mega deals and double its business in five years. Jefferies remains “massive fans” of the long-term story but says the shares will be under duress in the interim.