Palo Alto Networks price target raised to $450 from $350 at Jefferies

Jefferies analyst Joseph Gallo raised the firm’s price target on Palo Alto Networks to $450 from $350 and keeps a Buy rating on the shares. The firm expects better than consensus fiscal Q2 annual recurring revenue, or ARR, growth of 46% year-over-year and billings growth of 16%, citing “a reasonable setup & strong checks.” The firm believes Palo Alto can report about 50% year-over-year ARR growth, as it “becomes the most important investor metric,” adding that it views the company as positioned to capitalize on cyber consolidation while trading at a “justified” premium multiple