Several Analysts Raise Palo Alto Networks' Estimates Post Q3 Results: Here's Details
Portfolio Pulse from Lekha Gupta
Following Palo Alto Networks Inc's (NASDAQ:PANW) Q3 FY23 results, several analysts have raised their price targets due to better-than-expected earnings and revenue. The company reported an EPS of $1.38, surpassing the consensus estimate of $1.16, and revenue of $1.88 billion, beating the $1.84 billion estimate. Full-year 2024 earnings and revenue forecasts were also provided, with earnings expected to be between $5.40 and $5.53 per share, and revenue between $8.15 billion and $8.20 billion. Analysts from Needham, Oppenheimer, Stifel, Mizuho Securities, Goldman Sachs, Morgan Stanley, and Raymond James have reiterated their positive ratings and raised their price targets, citing factors such as solid revenue growth, trusted platform status, and strong cloud assets. Despite the positive outlook, PANW shares were trading lower by 5.85% at $241.37.
November 16, 2023 | 7:12 pm
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Palo Alto Networks beat Q3 FY23 EPS and revenue estimates, leading to raised price targets by analysts. Full-year 2024 forecasts are optimistic, but shares dropped by 5.85% to $241.37.
Despite the positive earnings report and raised price targets by analysts, the short-term impact on PANW's stock price is negative, as indicated by the 5.85% drop in share price. This could be due to market expectations being even higher than the reported results or other market factors influencing investor sentiment. The long-term outlook remains positive, but the short-term reaction is bearish.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100