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Here's Why Shares of Palo Alto Networks (PANW) Climbed Today
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Shares of cybersecurity firm Palo Alto Networks (PANW - Free Report) climbed 4% in morning trading Friday after Citigroup (C - Free Report) upgraded the company’s stock from “Neutral” to “Buy.” The target price was also raised from $147 to $160, representing an upside of over 20%.
Citi analyst Walter Pritchard said that Palo Alto Networks’ management team created positive turnaround efforts and has gotten ahead of negative revisions.
“We expect next wave of network security growth to come from platform consolidation where PANW is well-positioned,” Pritchard wrote in an analyst report.
Pritchard also believes that Palo Alto is in a better position compared to other cybersecurity firms. Palo Alto’s subscriptions attach are 50% ahead of Check Point Software (CHKP - Free Report) , and Palo Alto’s annuity attach is 10% ahead of Fortinet (FTNT - Free Report) .
Palo Alto’s upgrade has also benefitted other cybersecurity firms. FireEye, Inc. climbed 3% in morning trading today, while PureFunds ISE Cyber Security ETF (HACK - Free Report) rose 1% in reaction to Palo Alto’s gains.
Palo Alto (PANW - Free Report) remains a Zacks Rank #3 (Hold). Our consensus estimates show that there will be positive year-over-year earnings growth for the current year, and the company has a growth rating of “A.”
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Here's Why Shares of Palo Alto Networks (PANW) Climbed Today
Shares of cybersecurity firm Palo Alto Networks (PANW - Free Report) climbed 4% in morning trading Friday after Citigroup (C - Free Report) upgraded the company’s stock from “Neutral” to “Buy.” The target price was also raised from $147 to $160, representing an upside of over 20%.
Citi analyst Walter Pritchard said that Palo Alto Networks’ management team created positive turnaround efforts and has gotten ahead of negative revisions.
“We expect next wave of network security growth to come from platform consolidation where PANW is well-positioned,” Pritchard wrote in an analyst report.
Pritchard also believes that Palo Alto is in a better position compared to other cybersecurity firms. Palo Alto’s subscriptions attach are 50% ahead of Check Point Software (CHKP - Free Report) , and Palo Alto’s annuity attach is 10% ahead of Fortinet (FTNT - Free Report) .
Palo Alto’s upgrade has also benefitted other cybersecurity firms. FireEye, Inc. climbed 3% in morning trading today, while PureFunds ISE Cyber Security ETF (HACK - Free Report) rose 1% in reaction to Palo Alto’s gains.
Palo Alto (PANW - Free Report) remains a Zacks Rank #3 (Hold). Our consensus estimates show that there will be positive year-over-year earnings growth for the current year, and the company has a growth rating of “A.”
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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