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Market Report -- Short Stories (PANW)
February 26, 2013 9:01 AM ET
Palo Alto Networks initiated with a Market Perform at BMO Capital Markets last night; tgt $58 . BMO Capital Markets initiated PANW with a Market Perform and price target of $58. They conclude that PANW's edge is real and is rooted more in performance than in functionality breadth. However, they worry that overall enterprise firewall spending is slowing and that competition is likely to get even more intense in 2013. PANW shares trade at a discount to the high-growth software peer group, but in their view, this may be justified given PANW's dependency on share gains rather than overall market expansion as well as the risk associated with the Juniper (JNPR) lawsuit.
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