Palo Alto Networks Set to Report 'Solid' Fiscal Q3 as Firewall Refresh Cycle Continues, Morgan Stanley Says

MT Newswires Live05-20 23:07

Palo Alto Networks (PANW) is expected to report a "solid" fiscal Q3 amid positive partner feedback, healthy demand for firewall refreshes, and continued momentum in its platformization, Morgan Stanley said in a note Wednesday.

The firm said recent channel checks suggest demand trends remain strong for the company. Many partners reported results that were in line with or above expectations, with continued strength tied to firewall refresh activity and increasing traction for Palo Alto's artificial intelligence-related security capabilities, the firm said.

The firm said Palo Alto's fiscal Q3 remaining performance obligations, or RPO, are expected to come in slightly above the midpoint of guidance, closer to roughly 33% year-over-year growth. Current RPO growth is also expected to exceed consensus expectations of 28% to 29% year over year, the firm said.

The company is also projected to post stronger-than-guided product revenue growth, potentially exceeding management's about 25% year-over-year target, the firm said.

Morgan Stanley raised its price target on Palo Alto Networks to $253 from $223 while keeping its overweight rating. The company is scheduled to report its fiscal Q3 results on June 2.

Price: 245.16, Change: +5.03, Percent Change: +2.09

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