Fly News Breaks for March 3, 2015
PFPT, CHKP, PANW
Mar 3, 2015 | 07:10 EDT
Citigroup says that while Palo Alto Networks (PANW) reported a strong quarter, the stock needs to growth into its valuation. Citi says it would rather own Check Point (CHKP) and Proofpoint (PFPT) as lower-risk ways of participating in the security space. It raised its price target for Palo Alto shares to $146 from $112 and keeps a Neutral rating on the name following the company's Q2 results.
News For PANW;CHKP;PFPT From the Last 2 Days
PANW
Apr 18, 2024 | 06:26 EDT
KeyBanc lowered the firm's price target on Palo Alto Networks to $355 from $380 on lower peer multiples, while keeping an Overweight rating on the shares. The firm says that at some point, the case for optimism needs to be backed up by some optimistic data, and its 1Q24 VAR Survey did not deliver it. IT budgets are still in hiding at this point, with just 50% of KeyBanc's respondents meeting or exceeding their goal in the Q1, the lowest quarterly reading since the heart of the pandemic, and sentiment from the follow-up calls with some individuals also has down ticked. The firm's Q4 2023 VAR survey was iffy, the outlook in 2024 from its CIO survey in January was also not great, its SMB survey was worse than expected, and now 2024 is off to a difficult start - "let's just call a trend a trend," KeyBanc adds.
