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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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.
It's not the one you think. See This Ticker Free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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