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Investing.com - Citizens JMP has reiterated its Market Outperform rating and $212.00 price target on Palo Alto Networks (NASDAQ:PANW), which currently trades at $208.18, near its 52-week high of $210.39. According to InvestingPro data, 37 analysts have recently revised their earnings estimates upward for the upcoming period.
The firm’s analysis shows that Palo Alto Networks currently trades at a 37.0x CY26E EV/FCF multiple, while the $212 price target implies a 37.7x CY26E EV/FCF multiple.
This valuation represents a slight premium compared to the peer group’s mean multiple of 31.7x CY26E EV/FCF.
Citizens JMP believes this premium valuation is justified given Palo Alto Networks’ ambitious platform strategy in the cybersecurity sector.
The firm specifically cited the company’s intelligent product expansion efforts to consolidate a significant portion of the total addressable cybersecurity market as supporting factors for the rating.
In other recent news, Palo Alto Networks reported robust financial results for its fourth quarter, with total revenue reaching $2.54 billion, marking a 16% increase from the previous year and surpassing market expectations. Product revenue showed significant growth at 19% year-over-year. Following these results, Rosenblatt raised its price target for Palo Alto Networks to $225, maintaining a Buy rating. Similarly, Truist Securities increased its price target to $220, citing the company’s strong performance in areas like SASE, XSIAM, and virtual firewalls.
Additionally, Piper Sandler reiterated its Overweight rating on the company, maintaining a $225 price target and highlighting Palo Alto Networks as its top recommendation among cybersecurity stocks. Wedbush also expressed confidence in the company’s future, adding it to its Best Ideas List due to its platform strategy and the recent acquisition of CYBR. In product development, Palo Alto Networks launched Prisma SASE 4.0, introducing advanced browser-based security features to combat web threats effectively. These recent developments reflect Palo Alto Networks’ continued momentum in the cybersecurity sector.
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