Palo Alto Networks price target raised to $364 from $335 at Bernstein

Bernstein analyst Peter Weed raised the firm’s price target on Palo Alto Networks to $364 from $335 and keeps an Outperform rating on the shares. Palo Alto’s fiscal Q3 earnings were largely in-line on revenue expectations, beating consensus by less than 1%, the analyst tells investors in a research note. The firm says that when added to billings being slightly below consensus, the Q4 revenue guide roughly in-line with consensus, and a reemphasis that see several quarters into fiscal 2025 would be below 17% growth, the stock was unable to hold up aftermarket. Bernstein says the platform is a work in progress.