Palo Alto Networks price target raised to $315 from $265 at BofA

BofA raised the firm’s price target on Palo Alto Networks to $315 from $265 and keeps a Neutral rating on the shares. While the firm notes it recently downgraded Palo Alto shares on further risk to billings growth and continued shortening of duration following the weak billings results and commentary from last quarter, it also notes that at a high level, cybersecurity remains a strong spending area and the sector’s valuation level has increased accordingly. While BofA maintains its Neutral rating, it increased its price target based on a higher calendar 2025 EV/Sales multiple.