Citi hosted Palo Alto Networks’ SVP of Investor Relations and Corporate Development Walter Pritchard and said the “most incremental” takeaway was an emphasis that FY25 revenue growth will likely decelerate year-over-year as well as the company’s “ongoing confidence” in the ability to closely manage free cash flow conversion despite several moving factors. The conversation reinforced the firm’s stance that while fundamentals are “stable,” estimates are “likely to remain bumpy, keeping stock performance non-linear.” The firm, which continues to see a favorable 12-24 month risk/reward skew, keeps a Buy rating and $345 price target on Palo Alto shares.
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