This Nasdaq Stock Has Shot Up 134% in a Year, and It Could Soar Another 90%
Shares of Palo Alto Networks (NASDAQ: PANW) have shot up an impressive 134% in the past year, outperforming the Nasdaq-100 Technology Sector index's gains of 55%. The cybersecurity specialist has benefited from the broader rally in technology stocks as well as the robust growth that it has been delivering thanks to the growing demand for the company's cybersecurity solutions.
The good part is that Palo Alto Networks could keep soaring thanks to a few simple reasons. First, the Nasdaq-100 could head higher in 2024 thanks to multiple tailwinds from a further drop in inflation, which is likely to lead the Federal Reserve to reduce interest rates three times this year. The stock could therefore get another lift in 2024 as Nasdaq stocks rise.
The second reason to be optimistic about Palo Alto is that cybersecurity spending is expected to remain robust in 2024. According to , global security and risk management spending is anticipated to jump 14.3% in 2024 to $215 billion. That would be slightly higher than the 2023 growth rate. More importantly, Palo Alto Networks is setting itself up to capitalize on hot growth niches within the cybersecurity space.
Source Fool.com
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