Palo Alto Networks PT Raised to $69.00 at Topeka Capital Markets (PANW)
“We are reiterating our Buy rating and raising our target price to $69 (from $65) to reflect an increase in our FY13 and FY14 estimates. While revenue growth accelerated as expected in 2Q, the YoY 70% increase was above our 64% estimate. Even more spectacular was the 82% YoY increase in billings in 2Q which compared to 45% YoY growth in 1Q and our 66% estimate.,” the firm’s analyst commented.
A number of other firms have also recently commented on PANW. Analysts at FBN Securities reiterated an outperform rating on shares of Palo Alto Networks in a research note to investors on Friday, March 1st. They now have a $70.00 price target on the stock, up previously from $65.00. Separately, analysts at Jefferies Group reiterated a hold rating on shares of Palo Alto Networks in a research note to investors on Friday, March 1st. They now have a $60.00 price target on the stock, up previously from $59.00. Finally, analysts at Robert W. Baird raised their price target on shares of Palo Alto Networks from $65.00 to $70.00 in a research note to investors on Friday, March 1st. They now have an outperform rating on the stock.
Nine investment analysts have rated the stock with a buy rating, one has issued an overweight rating, and fifteen have issued a hold rating to the company’s stock. The stock currently has an average rating of overweight and an average price target of $65.25.
Shares of Palo Alto Networks opened at 56.84 on Monday. Palo Alto Networks has a 52 week low of $47.00 and a 52 week high of $72.61. The stock’s 50-day moving average is currently $55.75. The company’s market cap is $3.891 billion.
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