Palo Alto Networks price target raised to $345 from $335 at Citi

Citi raised the firm’s price target on Palo Alto Networks to $345 from $335 and keeps a Buy rating on the shares. The company’s inline billings performance and fiscal Q4 outlook “will rankle,” pushing shares lower, the analyst tells investors in a research note. However, the firm says beyond the expectations miss, Palo Alto’s revenues did modestly upside-surprise “as platformization momentum creeps through these metrics.” Citi says the fiscal Q3 results reinforce its stance that while fundamentals are stable, estimates will remain bumpy keeping stock performance non-linear.