- Wolfe research Analyst Joshua Tilton initiated the reporting Palo Alto Networks Inc PANW with an outperformance Rating and target price of $700.
- Palo Alto is a “consensus long” as investors seek to hide in securities names that can deliver both growth and free cash flow margins at an attractive valuation, Tilton said.
- With his reviews pointing to continued strong demand for firewalls (even benefits outside the supply chain), he believes that with a base case of 21x EV/CY23, several investors could continue to take refuge in the name.
- He thinks PANW is so much more than just a firewall and is not given credit for it.
- Its sum of the parts implied that the traditional firewall business accounted for 93% of the current valuation, suggesting that investors placed very little value on the next-generation security portfolio.
- Price promotion: PANW shares traded 1.94% higher at $508.77 on the latest check Monday.
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