Citi analyst Walter Pritchard lowered the firm's price target on Palo Alto Networks to $250 from $283 and keeps a Buy rating on the shares. While lower product revenue headlined the Q2 results, the company's cloud leadership is still clear, Pritchard tells investors in a research note. Customer additions "remained healthy" at 2,500 and annuity revenue, even that attached to appliances remained strong, says the analyst.

Technology Analysts provide a recap of Palo Alto Networks 3Q reported earnings on an Analyst/Industry conference call to be held on May 20 at 9 am. Webcast Link

Sees Q4 revenue $1.53B-$1.55B; Total billings in the range of $2.32B-$2.35B, representing year over year growth of between 24%-26%.

Reports Q3 revenue $1.4B, consensus $1.36B.

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