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Palo Alto Networks’ Near-Term Just Got Messier: What 10 Analysts Are Saying

Shares of Palo Alto Networks Inc (NASDAQ: PANW) tanked in early trading on Wednesday, even after the company reported a revenue beat for its fiscal second quarter. The results came amid an exciting earnings season. Here are some key analyst takeaways from the release. Piper Sandler analyst Rob Owens downgraded the rating from Overweight to Neutral, while slashing the price target from $350 to $300. RBC Capital Markets analyst Matthew Hedberg maintained an Outperform rating, while reducing the price target from $420 to $365. Mizuho Securities analyst Gregg Moskowitz reaffirmed a Buy rating, while trimming the price target from $405 to $350. BMO Capital Markets analyst Keith Bachman reiterated an Outperform rating, while cutting the price target from $378 to $327. Oppenheimer analyst Ittai Kidron maintained a Perform rating, while reducing the price target to $305. Truist Securities analyst Joel Fishbein reiterated a Buy rating, while trimming the price target of $385 to $350. Wedbush analyst Daniel Ives reaffirmed an Outperform rating, while lowering the price target from $425 to $375. KeyBanc Capital Markets analyst Eric Heath maintained an Overweight rating, while reducing the price target from $390 to $380. Stifel analyst Adam Borg reiterated a Buy rating, while trimming the price target of $410 to $330. JMP Securities analyst Trevor Walsh reaffirmed a Market Outperform rating and price target of $380. Check out other analyst stock ratings. Piper Sandler: “PANW is offering certain solutions to customers for free as they wait-out competitor contracts to expire, in return for 3-5 year commitments,” Owens said in his downgrade note. The analyst expects these deals to impact top-line results over the next 12 to 18 months and eliminate $600 million from billings estimates in the back half of 2024, although management expects the company to return to mid-to-high double-digit billings growth in the second half of 2025. “While much of this will clearly be on the come, it will …Full story available on Benzinga.com