Piper Sandler raised the firm’s price target on Palo Alto Networks to $350 from $343 and keeps an Overweight rating on the shares. Looking ahead to 2024, security again remains the top spending priority, seeing higher spending intentions than prior years on the heels of major breaches/ransomware attacks in 2023 as well as increased breach disclosure requirements, the firm says. Further, Piper believes normalization of cloud spend with an underlying AI-workload kicker sets the group up well for 2024.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PANW:
- Palo Alto Networks® Closes Talon Cyber Security Acquisition and Will Offer Complimentary Enterprise Browser to Qualified SASE AI Customers
- Palo Alto Networks announces acquisition of Talon Cyber Security
- CRWD, ZS, PANW: Which Cybersecurity Stock is the Better Buy?
- Palo Alto Networks management to meet with Oppenheimer
- Here are the Best-Performing Stocks of 2023