Palo Alto Networks downgraded to Reduce from Hold at HSBC

HSBC analyst Stephen Bersey downgraded Palo Alto Networks (PANW) to Reduce from Hold with a price target of $291, down from $304. At current trading levels, the firm considers the stock expensive. “Palo Alto is trading at a notable 55.8-times estimated 2025 non-GAAP earnings versus the 29.5-times median for the sector, the analyst tells investors in a research note.