Credit Suisse raised the firm’s price target on Palo Alto Networks to $235 from $225 and keeps an Outperform rating on the shares. The firm notes the company reported Q2 results were strong with product revenue growth accelerating to 14.6% year-over-year versus consensus modelling a deceleration to 10.1% year-over-year; NGS ARR of $2.33B up 62.8% year-over-year versus consensus of $2.25B up 57.3% year-over-year; and free cash flow of $656M versus consensus $388M with multi-year billings coming in better-than-expected despite investor concerns over macro pressuring billings duration.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on PANW:
- Palo Alto Networks price target raised to $225 from $200 at Loop Capital
- Palo Alto Networks price target raised to $216 from $200 at RBC Capital
- Palo Alto Networks price target raised to $228 from $220 at BMO Capital
- Palo Alto Networks price target raised to $230 from $220 at Roth MKM
- Palo Alto Networks price target raised to $240 from $220 at Piper Sandler