Tyson Foods to close major Nebraska beef plant amid cattle shortage - WSJ
Investing.com - Piper Sandler raised its price target on Palo Alto Networks (NASDAQ:PANW) to $230.00 from $225.00 on Thursday, while maintaining an Overweight rating on the cybersecurity firm’s stock. With a current market capitalization of $135.3 billion, PANW is trading near its InvestingPro Fair Value, while analyst consensus remains bullish with a 1.76 recommendation score (where 1 is Strong Buy).
The price target increase follows Palo Alto Networks’ fiscal first-quarter results, which exceeded the high end of the company’s guidance. The company reported $9.22 billion in revenue over the last twelve months, with a solid 14.9% growth rate. The firm’s attention has shifted to Palo Alto’s recently announced $3.4 billion acquisition of Chronosphere, which positions the company in the observability market.
Piper Sandler noted that data is becoming a critical asset, and the ability to provide real-time visibility is key to a broader cyber strategy. The firm believes this acquisition aligns with Palo Alto Networks’ efforts to enhance its solutions with artificial intelligence capabilities.
The research firm expressed confidence in Palo Alto Networks’ ability to execute on its two pending transactions. Piper Sandler identified the cybersecurity company as a "top idea" in its coverage universe.
Piper Sandler expects Palo Alto Networks to benefit from broader underlying consolidation trends in the cybersecurity industry, supporting its continued Overweight stance on the stock. InvestingPro identifies PANW as a "prominent player in the Software industry" - one of 13 ProTips available for this stock. For investors seeking deeper insights, a comprehensive Pro Research Report is available among the 1,400+ US equities covered in detail.
In other recent news, Palo Alto Networks reported strong quarterly performance, surpassing FactSet consensus expectations in several key areas, including revenue, Next-Gen Annual Recurring Revenue (ARR), Remaining Performance Obligation (RPO), Free Cash Flow (FCF), and earnings per share. The company achieved non-GAAP earnings per share of $0.93, exceeding the consensus estimate of $0.89, on revenue of $2.47 billion, which was slightly above the $2.46 billion consensus, marking a 16% year-over-year growth. Following these results, the company raised its full-year outlook by $20 million. Cantor Fitzgerald reiterated an Overweight rating with a $250.00 price target, while Bernstein raised its price target to $210 from $207, maintaining an Outperform rating. Citizens also reiterated a Market Outperform rating with a $250.00 price target. Truist Securities maintained a Buy rating with a $220.00 price target, noting continued momentum in Palo Alto Networks’ Secure Access Service Edge (SASE), XSIAM, and virtual firewall offerings. Meanwhile, UBS lowered its price target to $220.00 from $230.00, maintaining a Neutral rating, citing a mixed outlook despite generally positive first-quarter results.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.