Raymond James raised the firm’s price target on Palo Alto Networks to $260 from $250 and keeps an Outperform rating on the shares. Palo Alto’s Q1 results featured very healthy profitability, but billings growth modestly below expectations and FY24 billings guidance that comes down by ~2%, the analyst tells investors in a research note. The business continues to become more recurring and profitable, and the breadth of platform positions Palo as a platform consolidator, the firm argues.
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