Palo Alto Networks Analysts Cut Their Forecasts After Q2 Results
Portfolio Pulse from Avi Kapoor
Palo Alto Networks, Inc. (NASDAQ:PANW) reported Q2 results with revenue of $1.98 billion, surpassing estimates, and earnings of $1.46 per share, also above expectations. However, the company's Q3 guidance was below analyst estimates, leading to a slight stock price decline and analysts adjusting their price targets. Wedbush and Rosenblatt revised their price targets for PANW, with Wedbush maintaining an Outperform rating and Rosenblatt downgrading to Neutral.
February 21, 2024 | 1:26 pm
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NEGATIVE IMPACT
Palo Alto Networks exceeded Q2 expectations but provided lower than expected Q3 guidance, leading to a minor stock price decline and analysts adjusting their price targets.
The company's performance exceeded Q2 expectations, but the lower than expected Q3 guidance could lead to short-term negative sentiment among investors. The adjustments in price targets by analysts further reflect the anticipated impact on the stock's performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100