Piper Sandler analyst Rob Owens upgraded Palo Alto Networks (PANW) to Overweight from Neutral with a price target of $225, up from $200. The says Palo Alto’s early “platformization” success should reaccelerate bookings growth and prove durable as Xsiam traction grows. The company’s free cash flow leverage should be more consistent moving forward with annual payments while the Cyberark (CYBR) deal adds a high-quality asset, the analyst tells investors in a research note. Piper sees a favorable share setup from here.
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