KeyBanc analyst Michael Turits raised the firm’s price target on Palo Alto Networks to $390 from $315 and keeps an Overweight rating on the shares. The firm’s new target is based on 33.1-times 2025 EV/free cash flow, or 2.0-times EV/free cash flow/growth, versus large-cap software at 39-times free cash flow, a slight discount, given Palo Alto’s hybrid software/hardware model and multiyear, upfront invoicing. KeyBanc also notes that according to its Q4 IT VAR survey and channel checks, sentiment in 2024 remains hopeful despite 2023 ending worse than expected.
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