Oppenheimer Removes Palo Alto Networks (PANW) as Top Pick

Oppenheimer analyst Ittai Kidron reiterated an Outperform rating and $290.00 price target on Palo Alto Networks (NASDAQ: PANW) but removed it as a top pick.

The analyst commented, "We've been strong supporters of Palo Alto Networks for some time as we believe the company is best-positioned as a platform consolidator in the security market. Our enthusiasm has not faded, our thesis has not changed, and we remain strong believers, yet we can't ignore the recent strong run in the shares (+74% YTD vs. +35% NASDAQ), the rise in investor expectations near term, and more volatile net new NGS ARR metrics near term. With the shares now trading above pre- and post-COVID averages, we'd look to lock in some gains near term and therefore are removing PANW from our Top Picks list for the year. To be clear, our action only reflects near-term dynamics. We remain bullish long term and suggest long-term investors stay the course."

For an analyst ratings summary and ratings history on Palo Alto Networks click here. For more ratings news on Palo Alto Networks click here.

Shares of Palo Alto Networks closed at $245.01 yesterday.

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