HSBC upgraded Palo Alto Networks (PANW) to Hold from Reduce with an unchanged price target of $156. The firm considers cybersecurity “recession resilient” and says the stock’s valuation is “no longer stretched.” Past evidence indicates that revenue growth at key cybersecurity firms is not materially impacted by changes in economic growth, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PANW:
- Palo Alto Networks: Resilient Cybersecurity Leader with Stable Revenue but High Valuation Justifies Hold Rating
- Palo Alto Networks surpasses $1.5B in cumulative sales through Google
- Ulta upgraded, Kroger downgraded: Wall Street’s top analyst calls
- Palo Alto Networks initiated with an Equal Weight at Stephens
- Palantir Gets Hammered by 6% as $50B Defense Cuts & 150x PLTR Valuation Spark Selloff