UPDATE: Jefferies Assumes Palo Alto Networks (PANW) at Buy

Jefferies analyst Joseph Gallo assumes coverage on Palo Alto Networks (NASDAQ: PANW) with a Buy rating and a price target of $220.00.

The analyst comments "We're shifting primary coverage of PANW to Joe Gallo and retain our existing Buy rating. PANW’s recent results appear immune to macro as it's accelerated billings growth 3 straight Qs. PANW’s combination of holistic platform (spend consolidator) levered to the cloud as well as prudent FY23 guidance creates an appealing set up for our fav cyber platform with shares trading at 8x EV/ CY23E rev—attractive for an asset delivering 20%+ rev growth/OPM LT."

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 $182.06 yesterday.

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