Palo Alto Networks price target raised to $228 from $220 at BMO Capital

BMO Capital raised the firm’s price target on Palo Alto Networks to $228 from $220 and keeps an Outperform rating on the shares after its Q2 earnings beat. The company acknowledged a slowdown in the firewall market and its FY23 revenue guidance therefore remains consistent, but the outlook for FY23 billings is moving "modestly higher" driven by Palo Alto Networks’ software portfolio, the analyst tells investors in a research note. The firm adds that the stock’s valuation is attractive relative to its growth potential while also noting that Palo Alto Networks is building out a "compelling" suite of cloud and NGS solutions.