Citi lifts Palo Alto's PT, expects AI-driven security spending to support growth
PANW•Stock and analyst backdrop
Shares of the company PANW.O were up 0.54% at $327.67.
44 of 57 brokerages rate the stock "buy" or higher, 12 rate it "hold" and 1 rates it "sell"; their median price target is $330, according to data compiled by LSEG.
Up to the last close, the stock was up about 77% year to date.
Citi raises Palo Alto Networks price target
Citigroup raises cybersecurity firm Palo Alto Networks' PANW.O price target to $400 from $340, implying about 23% upside to the stock's last close.
The brokerage says AI-driven security spending keeps the company at "the front of the line" for cybersecurity budgets.
Early checks support revenue and ARR revisions
Citigroup says constructive early checks and CIO surveys support positive revisions to revenue and next-generation security annual recurring revenue.
