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Fly News Breaks for January 8, 2020
PANW
Jan 8, 2020 | 06:49 EDT
BofA analyst Tal Liani downgraded Palo Alto Networks to Neutral from Buy with a price target of $265, down from $275. In a research note to investors, Liani says Palo Alto's recent results show weakness under the surface, saying he is growing increasingly concerned about the recent Product revenue decline of 4% year-over-year in Q1, given that Product revenues remain a leading indicator and drive 80%+ of the business, per his estimates. He also believes the high-growth Next-Gen billings largely capture cannibalization of appliances.
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