Palo Alto Networks price target raised to $420 from $366 at RBC Capital

RBC Capital raised the firm’s price target on Palo Alto Networks to $420 from $366 and keeps an Outperform rating on the shares ahead of its Q2 results. The firm sees a “healthy” cyber-security spending environment while noting that its checks point to positive demand that is still aided by refresh activity, no abnormal discounting, and relatively stable billings duration, the analyst tells investors in a research note.