Palo Alto Has Healthy Momentum, Say Analysts. Its Positive Outlook Was a Relief.

Palo Alto Networks has reassured analysts with its latest earnings report after a brief panic over its unusual timing. Its longer-term growth guidance was boosting other stocks in the cybersecurity sector on Monday.

CEO Nikesh Akora reiterated in an earnings call that the unusual timing was due to the need to disclose its financial information ahead of a sales conference that took place on Sunday, as well as giving analysts’ additional time to digest longer-term guidance issued alongside the quarterly report. The positive outlook is a relief for the cybersecurity sector as stocks including Palo Alto have recently reacted sharply to any signs of a potential hit to business from macroeconomic uncertainty.

Evercore’s Peter Levine raised his target price on the stock to $295 from $240, and kept an Overweight rating.

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