Barclays raised the firm’s price target on Palo Alto Networks to $350 from $273 and keeps an Overweight rating on the shares. The firm presented its 2024 outlook for the security, design, and vertical-specific software spaces, saying that with potential for an economic “soft landing,” stocks with cyclical businesses could see positive revisions and expanding multiples. New SEC disclosure requirements could support security spending in 2024, although spending could still gravitate towards platforms, the analyst tells investors in a research note.
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