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Fly News Breaks for November 6, 2019
PANW
Nov 6, 2019 | 08:06 EDT
Morgan Stanley analyst Keith Weiss said he has seen a shift in investor debate following Palo Alto Networks' analyst day in September from one focused on the durability of growth in the core firewall business towards one centered on management's plan to build a Next Generation Cloud Security platform. He has conviction in Palo Alto's ability to gain share in network security and expand their total addressable market, which Weiss sees driving 20% topline growth through FY22, putting the company on a path to achieve management's goal for a $6 billion billings base. The analyst, who thinks there is room for Palo Alto's estimates and multiple to both move higher, has an Overweight rating and $290 price target on the shares.
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