Evercore ISI raised the firm’s price target on Palo Alto Networks (PANW) to $455 from $395 and keeps an Outperform rating on the shares. Channel commentary this quarter “sounded notably more positive, with a strong emphasis on solid execution across the board,” the analyst tells investors in an earnings preview note ahead of the company’s fiscal Q1 report. One partner noted “large deals were able to cover for several smaller failed deals” and this trend appears to be driven more by an increasingly competitive landscape, rather than macro headwinds, which now seems to be dissipating, the firm added.
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