Palo Alto forecasts third-quarter billings below estimates, shares fall
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Evercore ISI on Palo Alto Networks (PANW): 'mgmt has enough credibility to instill some confidence'
February 21, 2024 9:26 AM ESTEvercore ISI analyst Peter Levine reiterated an Outperform rating and $405.00 price target on Palo Alto Networks (NASDAQ: PANW).
The analyst comments "The post-market response to this print given all the moving pieces is unsurprising; nevertheless, we're maintaining our thesis. To start, our channel work this quarter, (here) & (here), provide sufficient evidence to suggest that there is no demand problem, no underlying shift in the fundamentals, and no new emerging competitive concerns. With no apparent demand deficit, we believe mgmt has enough credibility to instill some confidence in their choice to sacrifice... More
