BMO Capital raised the firm’s price target on Palo Alto Networks (PANW) to $225 from $217 and keeps an Outperform rating on the shares. The company had a solid report, including an FY26 ARR growth guide of 26%-27% and pro forma FY28 free cash flow margins of 40%, inclusive of CyberArk (CYBR) deal, which exceeded BMO’s expectations, the analyst tells investors in a research note. The firm further cites Palo Alto’s solid performance for the July quarter, lowered investor expectations, and sustained importance of cybersecurity in an agentic era.
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