Jefferies Reiterates Buy Rating on Palo Alto Networks (PANW) Into Earnings

Jefferies analyst Joseph Gallo reiterated a Buy rating and $220.00 price target on Palo Alto Networks (NASDAQ: PANW) ahead of earnings.

The analyst commented, "PANW is positioned to meet F1Q billings guide of 22% yoy though the size of the beat is likely lower than the last 2 Qs as macro turbulence persists even in large platforms. While macro's to be expected & it may fall victim to some F1Q black ice, PANW set prudent FY23 guidance (underpinned by 40% RPO growth last Q) which we don't expect to be revised down though the magnitude of upside may be less. PANW is our fav cyber platform, trading at 20x EV/CY23E FCF."

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 $161.73 yesterday.

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