Wedbush's Dan Ives Projects 16% Upside For Palo Alto Stock, Sets Bullish Target At $425: 'Golden Age Of Cybersecurity Is On The Doorstep'
Portfolio Pulse from Benzinga Neuro
Wedbush's Dan Ives has raised the price target for Palo Alto Networks (NASDAQ:PANW) to $425, indicating a 16% upside, based on strong cybersecurity market dynamics and increasing cloud deal momentum. Ives highlights the 'golden age of cybersecurity' with PANW at the forefront, supported by solid field checks and a favorable position in the federal sector. The recent SEC guidelines are expected to further benefit PANW and its peers. Despite a recent patent lawsuit verdict against PANW, the company's stock is seen as resilient with significant growth potential.
February 16, 2024 | 6:17 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Wedbush's Dan Ives has upgraded Palo Alto Networks' price target to $425, suggesting a 16% upside from its current position, driven by strong market dynamics in cybersecurity and cloud deals.
The upgrade in price target by a prominent analyst based on solid field checks and increasing cloud deal momentum, despite recent legal challenges, indicates a strong growth potential for PANW. The anticipation of benefiting from new SEC guidelines and the company's strategic position in the cybersecurity landscape further supports a positive outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100