Jefferies analyst Joseph Gallo reiterated a Buy rating and $215 price target on Palo Alto Networks (PANW) after the company announced a definitive agreement to acquire Protect AI. The firm expects the acquisition to strengthen the company’s position as the cyber platform of choice, solidifying its ability to secure the new attack surface created by AI, via both acquisition and launch of the new Prima AIRS solution. Jefferies views AI as a must-win category for Palo Alto, similar to Cloud, where only three pure plays ultimately won.
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