After shares of Palo Alto Networks sold off last night after the company reported Q3 results, JPMorgan analyst Sterling Auty explains why he believes the market should like the results. Focusing on decelerating product revenue misses the key points of sustainable 30%-plus revenue growth driven by subscription uptake, margin expansion, and 40% annual free cash flow through FY18, Auty tells investors in a post-earnings research note. He lowered his price target for Palo Alto shares to $196 from $216 and keeps an Overweight rating on the name. The company's billings growth of 61% "remains best in class," the analyst contends.