Fly Intel: Top five analyst downgrades » 09:5407/2607/26/21
GKOS, PAG, LOW, PANW, ZS
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Glaukos (GKOS) downgraded to Equal Weight from Overweight at Stephens with analyst Chris Cooley saying he has increased concern that proposed rates are not likely to improve materially and that surgeons may initially shift to performing goniotomy or significantly reduce their MIGS volume as the procedure could become unprofitable. 2. Penske Automotive (PAG) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Adam Jonas saying the franchise auto dealers have "benefitted substantially from the strongest supply-demand imbalance and inventory tightness seen in memory," but after another record strong quarter Jonas believes cycle-high conditions provide "an outstanding opportunity" to reduce exposure to the franchise dealers before secular issues begin to surface. 3. Lowe's (LOW) downgraded to Neutral from Outperform at Wedbush with analyst Seth Basham noting that existing home sales turnover, normally the largest driver of home improvement spending in the next two-three quarters, has peaked, and widely-cited forecasts call for only minimal increases in 2022 as weakening affordability and limited supply constrain sales. 4. Palo Alto Networks (PANW) downgraded to Hold from Buy at Loop Capital with analyst Yum Kim citing his recent industry checks into the security software industry which revealed that for the first time since the onset of COVID, large organizations are planning to focus on better management of all the investments in security software that they have, and many admit that "these were made in haste without having a long-term strategic plan in place." 5. Zscaler (ZS) downgraded to Hold from Buy at Loop Capital with analyst Yun Kim saying that he is not making a negative call on any security software vendor, but also believes that their collective growth rates may have peaked. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Palo Alto Networks downgraded to Hold from Buy at Loop Capital » 08:4107/2607/26/21
Loop Capital analyst Yum…
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Palo Alto Networks downgraded to Hold from Buy at Loop Capital » 07:2007/2607/26/21
Loop Capital analyst Yum…
Loop Capital analyst Yum Kim downgraded Palo Alto Networks to Hold from Buy.
Palo Alto Networks price target raised to $507 from $469 at KeyBanc » 07:4207/2207/22/21
KeyBanc analyst Michael…
KeyBanc analyst Michael Turits raised the firm's price target on Palo Alto Networks to $507 from $469 following "strong" Q2 security checks and VAR/CIO survey results. The analyst does acknowledge some potential concern on full year 2022 margin guide down year-over-year given increasing mix shift to Next-Gen, need to invest in more in XDR, and some partial return of T&E. However, he views the investment positively given Palo's opportunity to secure the cloud, consolidate security spend, further its market positioning in SASE, and strengthen its positioning in Endpoint/XDR. The analyst keeps an Overweight rating on the shares.
Palo Alto Networks announces Cloud IDS network threat detection service » 09:0207/2007/20/21
Palo Alto Networks…
Palo Alto Networks announced Cloud IDS, or Intrusion Detection System, a jointly developed network threat detection service to help cloud customers solve critical network security challenges. Built with Palo Alto Networks' industry-leading threat detection technologies, Cloud IDS provides simple, managed, cloud native network-based threat detection - offering Google Cloud customers the highest levels of security efficacy in just a few clicks. The new service is the result of a year-long joint design and engineering effort between Google and Palo Alto Networks, focused on combining the best-in-class security of Palo Alto Networks with the simplicity and secure and scalable infrastructure of Google Cloud.
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White House and allies attribute Microsoft Exchange cyberattack on China » 15:2907/1907/19/21
MSFT, ZS, PANW, FTNT, CRWD, OKTA, FEYE
The U.S. and allies on…
The U.S. and allies on Monday formally blame the cyber infiltrations against Microsoft (MSFT) Exchange email servers to hackers affiliated with China's Ministry of State Security. The White House said in part, earlier: "The United States has long been concerned about the People's Republic of China's, PRC, irresponsible and destabilizing behavior in cyberspace. Today, the United States and our allies and partners are exposing further details of the PRC's pattern of malicious cyber activity and taking further action to counter it, as it poses a major threat to U.S. and allies' economic and national security...The PRC's pattern of irresponsible behavior in cyberspace is inconsistent with its stated objective of being seen as a responsible leader in the world. Today, countries around the world are making it clear that concerns regarding the PRC's malicious cyber activities is bringing them together to call out those activities, promote network defense and cybersecurity, and act to disrupt threats to our economies and national security...Attributing with a high degree of confidence that malicious cyber actors affiliated with PRC's MSS conducted cyber espionage operations utilizing the zero-day vulnerabilities in Microsoft Exchange Server disclosed in early March 2021. Before Microsoft released its security updates, MSS-affiliated cyber operators exploited these vulnerabilities to compromise tens of thousands of computers and networks worldwide in a massive operation that resulted in significant remediation costs for its mostly private sector victims....The United States is deeply concerned that the PRC has fostered an intelligence enterprise that includes contract hackers who also conduct unsanctioned cyber operations worldwide, including for their own personal profit. As detailed in public charging documents unsealed in October 2018 and July and September 2020, hackers with a history of working for the PRC Ministry of State Security, MSS, have engaged in ransomware attacks, cyber enabled extortion, crypto-jacking, and rank theft from victims around the world, all for financial gain. The United States is deeply concerned that the PRC has fostered an intelligence enterprise that includes contract hackers who also conduct unsanctioned cyber operations worldwide, including for their own personal profit. As detailed in public charging documents unsealed in October 2018 and July and September 2020, hackers with a history of working for the PRC Ministry of State Security (MSS) have engaged in ransomware attacks, cyber enabled extortion, crypto-jacking, and rank theft from victims around the world, all for financial gain. Companies that may be impacted by this include Zscaler (ZS), Palo Alto Networks (PANW), Fortinet (FTNT) Crowdstrike (CRWD), Okta (OKTA), and FireEye (FEYE). Reference Link
Jefferies software/Internet analyst to hold analyst/industry conference call » 09:5707/1607/16/21
CHKP, PANW, FTNT
Software & Internet…
Software & Internet Analyst Thill, along with customer Richard Brownlee, VP of IT at Frost & Sullivan, discuss Palo Alto Networks (PANW), Fortinet (FTNT) and Check Point Software Technologies (CHKP) on an Analyst/Industry conference call to be held on July 16 at 10 am. Webcast Link
Ransomware gang REvil vanishes from 'dark web' after Biden comment » 14:5207/1307/13/21
ZS, FTNT, CRWD, OKTA, FEYE, PANW
Ransomware threat REvil…
Ransomware threat REvil appears to have been taken off the dark web, reports Bloomberg. The Russia-based hacker "maintains several pages documenting its activities including one called the "happy blog," noted the Bloomberg story. According to Bloomberg, it has not been determined yet, whether the hacker group or law enforcement took the pages down, noted the story. Companies that may be impacted by this include Zscaler (ZS), Palo Alto Networks (PANW), Fortinet (FTNT) Crowdstrike (CRWD), Okta (OKTA), and FireEye (FEYE). Reference Link
Palo Alto Networks price target raised to $490 from $410 at Deutsche Bank » 07:1607/1207/12/21
Deutsche Bank analyst…
Deutsche Bank analyst Patrick Colville raised the firm's price target on Palo Alto Networks to $490 from $410 and keeps a Buy rating on the shares. The analyst expects secure access service edge to become one of the most important cybersecurity products in the "Mobile Cloud" era. The tailwinds SASE vendors, including Zscaler, Palo Alto Networks and Fortinet, exhibited in 2020 and the first half of 2021 is a function of a structural long-term change in demand rather than a pull forward in spend catalyzed by the pandemic, Colville tells investors in a research note.
Cybersecurity firms 'barely' keeping up with ransomware surge, NBC News says » 17:0907/0807/08/21
ZS, PANW, FTNT, CRWD, FEYE, OKTA
The cybersecurity industry in the United States is struggling to keep up with the proliferation of ransomware attacks, wrote Kevin Collier of NBC News. Charles Carmakal, the chief technology officer of FireEye's (FEYE) Mandiant said, "We're getting calls from organizations almost every single day. We're barely able to keep up," noted the NBC News story. Adding to the woes of the cybersecurity industry is a shortage of workers, which means that a lot of organizations that were newly hacked are delayed in getting back online, noted NBC News. Other companies that may be impacted by this include Zscaler (ZS), Palo Alto Networks (PANW), Fortinet (FTNT) Crowdstrike (CRWD) and Okta (OKTA). Reference Link