Palo Alto Networks price target raised to $450 from $385 at Needham

Needham raised the firm’s price target on Palo Alto Networks (PANW) to $450 from $385 and keeps a Buy rating on the shares. The company reported a strong start to FY25, with revenue, annual recurring revenue, remaining performance obligation, and profitability metrics above consensus, the analyst tells investors in a research note. Palo Alto Networks’ platformization progress also “continues to impress” as the company added over 70 customers in Q1, Needham adds.