Palo Alto Networks (PANW) PT Raised to $216 at BTIG, New Top Pick

BTIG analyst Gray Powell raised the price target on Palo Alto Networks (NASDAQ: PANW) to $216.00 (from $200.00) while maintaining a Buy rating.

The analyst commented: "We recently completed a round of PANW channel checks across 6 partners and 3 additional industry/customer contacts. The partners in our work represent $1.6B in annual PANW sales on a combined basis. The tone from discussions was constructive-to-positive across all contacts. Feedback from 3 out of 6 partners improved relative to our Jan Q fieldwork. As a result, we came away with a higher degree of confidence in PANW's near-term growth trajectory, with platformization clearly translating into larger deal sizes and stronger cross-sell. Key incremental positives included: (1) consistent Prisma SASE strength cited by all 7 product-level contacts, (2) a surprising uptick in Cloud Security partner sentiment despite the Prisma Cloud to Cortex Cloud migration, and (3) early but constructive feedback on the CYBR acquisition. We continue to view PANW as one of the best positioned large-cap names in our coverage. We are increasing our PT to $216 from $200 previously and are adding PANW to the BTIG Top Picks focus list."

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