Palo Alto Networks price target raised to $336 from $290 at Argus

Argus raised the firm’s price target on Palo Alto Networks to $336 from $290 and keeps a Buy rating on the shares. The stock fell after the company lowered its FY24 revenue and billings guidance as it adopts a new go-to-market strategy, but the firm sees Palo Alto as a strong competitor in the highly fragmented but rapidly growing enterprise cybersecurity space, the analyst tells investors in a research note. The cybersecurity environment is getting more toxic as generative AI may be used for both good and ill, and Palo Alto continues to stand out from its sector peers with not just best-in-class technology integrated into a comprehensive cybersecurity platform, but also its rapid product innovation cycle, the firm added.