BitMine stock falls after CEO change and board appointments
Investing.com - UBS raised its price target on Palo Alto Networks (NASDAQ:PANW) to $230.00 from $200.00 on Thursday, while maintaining a Neutral rating on the cybersecurity firm’s stock. The new target sits below the analyst high target of $250, according to InvestingPro data, which also shows PANW trading at a P/E ratio of 129.66, reflecting its premium valuation.
The firm cited a "decent setup" heading into Palo Alto’s fiscal first quarter, with market checks indicating "mostly positive" sentiment, though noting investor enthusiasm has "cooled a bit in the past month." With Palo Alto’s earnings report scheduled for November 19 (just 6 days away), investors should note that 37 analysts have revised their earnings upwards for the upcoming period, according to InvestingPro data.
UBS pointed to easier year-over-year comparisons for Palo Alto’s product revenue, which grew only 4% in the same quarter last year, providing a more favorable benchmark for current performance.
The research note acknowledged investor concerns about potential revenue pull-forward and contract duration following Palo Alto’s strong fiscal fourth quarter, but emphasized that the company’s current remaining performance obligations (cRPO) provide good visibility into both subscription and product revenue streams.
UBS observed that while Palo Alto shares have gained over 20% since the company’s fiscal fourth quarter earnings report, the stock’s valuation remains a point of debate, with its current enterprise value to free cash flow ratio potentially already reflecting mid-teens growth expectations.
In other recent news, Palo Alto Networks has seen its stock price target raised by two firms, Jefferies and Citizens. Jefferies increased its price target to $250 from $235, maintaining a Buy rating, with confidence in the company’s ability to meet first-quarter top-line metrics such as RPO, ARR, and revenue. Citizens also adjusted its price target to $250 from $212, keeping a Market Outperform rating, and noted an implied valuation multiple increase to 38.0x for CY26E EV/FCF. In product developments, Palo Alto Networks launched several new platforms aimed at enhancing cybersecurity. The company introduced Cortex AgentiX, designed to secure AI agents, and unveiled Cortex Cloud 2.0, which features autonomous AI agents and a unified Cloud Command Center to address cloud security challenges. Additionally, Palo Alto Networks released Prisma AIRS 2.0, integrating Protect AI technology to secure enterprise AI systems, addressing a significant market gap in AI security measures. These developments reflect Palo Alto Networks’ ongoing efforts to expand its product offerings and strengthen its position in the cybersecurity sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.