"Inputs from our CIO survey seem to indicate that appetite for consolidation should accelerate in 2023, with PANW addressing a number of critical security categories," Owens added.
He also noted that the annual recurring revenue of its next-generation security business has reflected "strong trends" with a high-double digit growth rate. Owens added that Palo Alto's ( PANW) "solid" results throughout the year have helped evolve the platform consolidation in front of it, along with its core firewall and next-generation security businesses. Owens kept the firm's overweight rating on Palo Alto Networks ( PANW) and said it was one of the firm's top software stocks heading into the year, however. the -41% average for our coverage universe," Owens wrote in a note to clients. "Despite a challenging 2022 for much of the space, PANW again delivered a year of relative outperformance down -25% vs.
Owens lowered his price target on Palo Alto Networks ( PANW ) to $220 from $230, noting a lower earnings multiple due to compression, noting that the company is in the process of consolidating security across networks, cloud computing and Cortex XDR. Palo Alto Networks ( NASDAQ: PANW) shares fell nearly 3% in mid-day trading on Thursday as investment firm Piper Sandler lowered its price target on the cybersecurity company.Īnalyst Rob D. Sundry Photography/iStock Editorial via Getty Images
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