Palo Alto Networks price target raised to $415 from $380 at JMP Securities

JMP Securities raised the firm’s price target on Palo Alto Networks (PANW) to $415 from $380 and keeps an Outperform rating on the shares. Palo Alto Networks reported solid Q1 results, and its SASE and XSIAM offerings continue to be key growth drivers for the network security and security operations pillars of the business, respectively, the analyst tells investors in a research note. Palo Alto’s shift from billings toward other metrics which management believes are more reflective of the business is already showcasing positive results, with management noting early indicators including signs of reduced cycle times for certain steps of the deal close process, the firm says.