Palo Alto Networks price target raised to $275 from $235 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Palo Alto Networks (PANW) to $275 from $235 and keeps an Outperform rating on the shares. The announcement that the company’s earnings would be released after close on Friday lowered investor expectations given the recent results of Fortinet (FTNT), but its FY24 billings growth outlook of 19%-20% and 37%-38% free cash flow margins was better than investor expectations of mid-teens billings growth and mid 30%s free cash flow margins, the analyst tells investors in a research note. The firm remains confident in Palo Alto’s ability to sustain growth and the strength of its portfolio and consolidation opportunities, BMO added.