Palo Alto Networks price target raised by $45 at Mizuho, here’s why

Mizuho raised the firm’s price target on Palo Alto Networks to $325 from $280 and keeps a Buy rating on the shares. The firm raised price targets on some software companies as part of its outlook for 2024, which is largely a reflection of higher comp multiples. The most important trends benefiting software vendors today and in the future are digital transformation, generative artificial intelligence, data and analytics, contact center cloud migrations, DevOps, next generation security, and digital marketing/customer data, the analyst tells investors in a research note. Mizuho’s top software picks for 2024 are Microsoft (MSFT), Adobe (ADBE), Cyberark (CYBR), Intuit (INTU), HubSpot (HUBS), Nice (NICE), Procore Technologies (PCOR) and PTC (PTC).