Jefferies raised the firm’s price target on Palo Alto Networks (PANW) to $450 from $400 and keeps a Buy rating on the shares. The company is expected to report healthy Q1 results with modest upside to 19%-20% y/y RPO guidance, though the moderating survey results and weaker overall network security prints may mitigate the upside, the analyst tells investors in a research note. Jefferies adds that it does not expect material upside to RPO in FY25 but continues to have faith in Palo Alto’s long-term consolidation trajectory yielding strong free cash flow results.
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