Wells Fargo analyst Andrew Nowinski raised the firm’s price target on Palo Alto Networks (PANW) to $450 from $416 and keeps an Overweight rating on the shares. The firm notes shares traded down about 5% after hours likely on concerns around the billings miss, despite the free cash flow beat. The 17% year-over-year decline in organic net new ARR is also likely weighing on shares though it was significantly above guide, Wells adds. The firm remains a buyer on the pullback.
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