HSBC last night downgraded Palo Alto Networks (PANW) to Reduce from Hold with an unchanged price target of $157. The firm views the company’s fiscal Q1 the print as “sufficient, not transformational.” The stock’s risk/reward is turning negative with limited potential for upward estimate revisions in fiscal 2026 and 2027, the analyst tells investors in a research note. HSBC says that with Palo Alto’s decelerating revenue growth, it sees an increased opportunity of a negative share re-rating.
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