Is Palo Alto Networks Stock Going Back to $350? 1 Wall Street Analyst Thinks So.
Palo Alto Networks (NASDAQ: PANW) stock sat on a wall. Palo Alto Networks had a great fall (dropping 28.5% after earnings last month). Can all the king's horses and all the king's men, bid Palo Alto Networks stock back up to $350 again?
That's the question facing investors today, as equity researcher Redburn Atlantic raises its price target on Palo Alto stock to $350. That's about what the stock cost right up until Palo Alto reported fiscal Q2 2024 earnings on Feb. 21 and warned that its cybersecurity business is slowing.
Q2 2024 results were great -- sales jumped 19% year over year, and profits were up nearly 19-fold. But then Palo Alto CEO Nikesh Arora spooked investors with talk of a new "platformization and consolidation" strategy that could slow sales growth to 13% year over year in Q3, and reduce billings growth to 2%.
Source Fool.com
