RBC Capital analyst Matthew Hedberg raised his price target on Palo Alto Networks to $250 after its "strong" Q4 earnings and better than expected Q1 outlook, saying he is also "increasingly optimistic" around the company's focus on cloud and Application Framework. The analyst cites Palo Alto's 29% billings and revenue growth, 26% product growth, and the addition of about 3K customers over the past two quarters. Hedberg also points to the company's international expansion, with a 43% revenue growth in both APAC and EMEA. The analyst remains convinced that Palo Alto can "consolidate security spend in an expanding total addressable market", driving "above-average growth and margin expansion at scale."