BTIG Upgrades Palo Alto Networks (PANW) to Buy After Strong Channel Checks

Palo Alto Networks, Inc. (NASDAQ:PANW) is one of the AI Stocks in Focus on Wall Street. On October 13, BTIG upgraded the stock to “Buy” from Neutral with a $248 price target. The rating upgrade follows a series of channel checks.

The firm engaged in discussions with seven contacts, which were “surprisingly positive.” Based on checks, the firm is now increasingly optimistic that the company holds the potential to achieve growth targets of 14% total revenue growth and 26% growth in NGS ARR in FY26.

“We spoke with seven contacts on PANW. The partners in our discussions combine for ~$1.2B in annual PANW sales. Feedback was surprisingly positive and improved meaningfully from our work in prior quarters.”

The brokerage also noted how Palo Alto’s pending acquisition of CyberArk may help the company expand into new arenas and sustain growth of more than 20% in identity protection.

Palo Alto Networks, Inc. (NASDAQ:PANW) is a leader in AI-powered cybersecurity.

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