Palo Alto Networks price target raised to $405 from $315 at Evercore ISI

Evercore ISI raised the firm’s price target on Palo Alto Networks to $405 from $315 and keeps an Outperform rating on the shares. While noting that the stock is up about 130% over the past 12 months and about 17% year-to-date, the firm says it believes a premium multiple is warranted for a market leader in a resilient and expanding open-ended market with “clean” durable growth and margin leverage. Based on the firm’s Palo Alto partner survey that “provides a compelling case for a positive trajectory in FY24,” the firm is optimistic about the medium-longer term outlook, the analyst tells investors.