BofA raised the firm’s price target on Palo Alto Networks to $340 from $315 and keeps a Neutral rating on the shares. Palo Alto management previously noted that customers are more conservative with their cash, such as phasing and resizing projects, and more frequently seeking deferred payment terms. The firm notes that Palo Alto’s Q1 2024 billings growth of 16% fell short of Street’s 19%, reflecting the increase in deferred payment plans and shorter duration contracts, as well as the company’s unwillingness to extend discount levels.
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