#6 - Palo Alto Networks (NASDAQ:PANW)
Cybersecurity is one of the issues that every business will have to address today and for years to come. And the rapid acceleration of artificial intelligence will only make this more urgent. Palo Alto Networks Inc. (NASDAQ: PANW) is the unquestioned leader in the sector. But it’s also on MarketBeat’s list of Most Downgraded Stocks, with 16 in the 90 days ending April 30, 2024.
The reason for the downgrades is mainly due to the company’s recently announced shift to its business model. The company is giving away some of its services in an effort to capture additional market share.
Nevertheless, Palo Alto still expects to deliver revenue growth of around 15%-16% in 2024. And despite the downgrades, the vast majority of the price targets for PANW stock are well above the consensus price of $314.82. With a stock that is still up 58% in the last 12 months, as Palo Alto’s is, a pullback is normal and expected.
About Palo Alto Networks
Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.
Read More - Current Price
- $383.36
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 32 Buy Ratings, 10 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $402.03 (4.9% Upside)
