UBS raised the firm’s price target on Palo Alto Networks to $200 from $155 and keeps a Neutral rating on the shares. Palo Alto’s Q2 earnings were largely better than expected, with in-line revenue offset by a 3% billings beat and significant free cash flow outperformance, the analyst tells investors in a research note. The firm remains on the sidelines with the stock already back to 22x CY24E FCF.
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