Palo Alto Networks price target raised to $200 from $193 at Piper Sandler

Piper Sandler analyst Rob Owens raised the firm’s price target on Palo Alto Networks (PANW) to $200 from $193 and keeps a Neutral rating on the shares. The firm notes revenue and margins beat expectations and longer-term free cash flow concerns appear to be quashed for now, but the amount of upside failed to live up to expectations, bookings growth slowed quarter-over-quarter, a lack of a raise to RPO and NGS ARR coupled with softer than expected free cash flow all contributed to keeping a healthy debate alive. Underpinning this, success in large deals persisted and there is evidence of a refresh cycle playing out. Piper continues to see a balanced setup for the stock going forward.