Palo Alto Networks price target raised to $385 from $330 at Piper Sandler

Piper Sandler raised the firm’s price target on Palo Alto Networks (PANW) to $385 from $330 and keeps a Neutral rating on the shares. The firm notes Q1 results were solid overall, highlighted by an acceleration in RPO growth given platformization momentum, alongside beats across other top- and bottom-line metrics. However, full-year RPO expectations were kept in line, while other metrics saw raises, effectively lowering bookings expectations and driving the disappointment on the quarter overall. Given the fundamental profile and valuation, Piper continues to see a balanced setup for the stock going forward.