Truist keeps a Buy rating and $425 price target on Palo Alto Networks (PANW) while noting that the company’s Q1 results were “solid” with annual recurring revenue – ARR – growth of 40% coming in above the guided 35%. The company also saw strength in its next-gen offerings, notably in Cortex and NetSec, also raising its ARR and revenue guidance for the year and maintaining its profitability outlook, the analyst tells investors in a research note, adding that the business remains on track for its long-term goal of $15B in ARR by FY30.
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