JMP Securities continues to like Palo Alto Networks

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By AiVIF.com Staff

JMP Securities maintained a Market Outperform rating and $208 price target on Palo Alto Networks (NASDAQ:PANW) in a note after the company hosted its annual user conference, Ignite '22.

Analysts said in a note to clients that the event boasted more than 2,500 cybersecurity professionals in attendance on-site and featured many breakout sessions, including product training, certifications, and industry best practices related to improving cyber defenses across cloud security, security operations, and Zero Trust network security.

"The incremental announcements from the event were mainly product-related in nature and we note no updated guidance or financial metric," they commented.

However, the analysts added that the firm continues to like Palo Alto Networks for reasons such as its disciplined management team, strong leadership position across a triple threat of security platforms, and continued focus on expanding into software-centric solutions while maintaining a strong hardware base.

"We maintain our FY23 non-GAAP EPS estimate of $3.44 (consensus $3.42) on revenue growth of 26%, and maintain our FY24 non-GAAP EPS estimate of $3.82 (consensus $4.03) on revenue growth of 24%," they added.