Morgan Stanley analyst Keith Weiss raised the firm’s price target on Palo Alto Networks (PANW) to $496 from $380 and keeps an Overweight rating on the shares following the company’s recent agreement to acquire CyberArk (CYBR). While the initial rumored transaction “garnered some investor pushback given the change in M&A strategy,” the long-term trajectory of the combined entity screens more positively, especially based on Palo Alto Networks being still in the early days of its “platformization” strategy, says the analyst, who sees a “clear strategic fit” given the long-term AI security opportunity and increasing consolidation in the space.
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