Palo Alto Networks price target raised to $360 from $330 at Stifel

Stifel raised the firm’s price target on Palo Alto Networks to $360 from $330 and keeps a Buy rating on the shares. Cybersecurity checks were generally positive on the cyber spending demand environment as well as Palo’s July quarter, though the firm expects a degree of conservatism in Palo Alto’s initial FY25 guidance given Palo not wanting to repeat what happened last year, the still-uneven macro coupled with guiding to 7 months into CY25 and commentary from Q2 around the 12-18 month headwind from “platformization,” the analyst tells investors in a research note.