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Fly News Breaks for August 31, 2016
PANW
Aug 31, 2016 | 05:32 EDT
Raymond James analyst Michael Turits downgraded Palo Alto Networks to Outperform from Strong Buy citing the company's weaker than expected guidance for FY17. Palo guided product growth to 12%-13%, nearly halfway below the consensus estimate of 22%, Turits tells investors in a post-earnings research note. Nonetheless, the analyst remains positive on security spend outpacing IT and Palo Alto capturing the most incremental share. He lowered his price target for the shares to $165 from $180.
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