- Wolfe Research analyst Joshua Tilton initiated coverage on Palo Alto Networks Inc (NASDAQ:PANW) with an Outperform rating and price target of $700.
- Palo Alto is a “consensus long” as investors look to hide out in security names that can deliver both growth and free cash flow margins at an attractive valuation, Tilton told.
- With his checks citing continued strong demand for firewall (even ex-supply chain benefits), he believes that at a 21x EV/CY23 base case, multiple investors could continue to seek refuge in this name.
- He thinks PANW is so much more than just a firewall, and it’s not getting credit for it.
- His sum of the parts implied that the traditional firewall business accounted for 93% of the current valuation, suggesting that investors assigned very little value to the Next Generation Security portfolio.
- Price Action: PANW shares traded higher by 1.94% at $508.77 on the last check Monday.
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