As previously reported, BMO Capital analyst Keith Bachman upgraded Palo Alto Networks (PANW) to Outperform and raised his price target to $240 from $205. The analyst expects the company to benefit from the network firewall market remaining healthy over the next several years with market share gains. Bachman also sees Palo Alto Networks' product revenue sustaining the near 9% growth rate in FY20 thanks to its "new customer adds and expansion from existing customers against the backdrop of a healthy security spending environment". Based on his greater confidence in the company's ability to sustain subscriptions growth relative to Fortinet (FTNT), the analyst believes that Palo Alto Networks offers investors "meaningful upside potential".