KeyBanc raised the firm’s price target on Palo Alto Networks (PANW) to $435 from $400 and keeps an Overweight rating on the shares. The firm’s Q3 VAR survey results show a rebound in both performance in the quarter and on the outlook for IT budgets moving into next year, the analyst tells investors in a research note. The firm says a big area of improvement was in expectations for 2025, with respondents now expecting 2025 IT budgets to grow 4.4% year over year, up from 3.2% just 90 days ago, a 2.5% acceleration over 2024.
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