Palo Alto Networks price target lowered to $370 from $390 at BofA

BofA analyst Tal Liani lowered the firm’s price target on Palo Alto Networks (PANW) to $370 from $390 and keeps a Neutral rating on the shares. Q2 results reflected another weak billings quarter, says the analyst, who notes a challenging legacy firewall market, similar to trends reported by Fortinet (FTNT), Check Point (CHKP) and Cisco (CSCO). The firm believes underlying secular trends remain solid, but management noted 18-24 months of pressure on billings with weakness that will linger well into 2025, so BofA reduced its estimates accordingly, the analyst tells investors.