Palo Alto Networks price target raised to $240 from $215 at BofA

BofA raised the firm’s price target on Palo Alto Networks (PANW) to $240 from $215 and keeps a Buy rating on the shares. The networking and cybersecurity sectors continue to benefit from strong momentum and fundamentals across networking remain healthy while cybersecurity demand is supported by growing enterprise security budgets and continued technology evolution, the analyst tells investors. Though valuation is “a long-term concern,” the firm expects sentiment should continue to support strong momentum in the intermediate term and it updates its price targets “accordingly.”