Deutsche Bank analyst Karl Keirstead downgraded Palo Alto Networks to Hold from Buy with a price target of $210, down from $275. The analyst says that while he's disappointed by Palo Alto's product growth in the last two quarters and is well aware of the sluggish overall firewall market growth, the company's explanation of an internal sales execution miss seemed plausible. However, last night's results, highlighted by product growth of negative 9% and guidance for improving but "still-sluggish" growth in the next two quarters, was so bad that it seems highly unlikely that the firewall revenue recovery is all about internal sales incentives, Keirstead tells investors in a research note. He believes that a slowdown of this magnitude "feels more like a network firewall hardware problem that is likely to persist throughout 2020."