Palo Alto Networks price target raised to $240 from $217 at KeyBanc

KeyBanc analyst Eric Heath raised the firm’s price target on Palo Alto Networks (PANW) to $240 from $217 and keeps an Overweight rating on the shares. The firm’s checks with company partners were positive and better than in the past several quarters. All partners KeyBanc spoke to were in line or above plan. The firm sees potential upside to its Q2 billings estimate and says it was encouraged by an improving firewall cycle following positive results from Check Point (CHKP) and Fortinet (FTNT). Given its checks, KeyBanc sees consensus Q2 RPO, product revenue, and NGS ARR as achievable.