The Palo Alto Networks (NASDAQ:PANW) price target was raised to $350 from $290 at Wedbush on Thursday, with analysts maintaining an Outperform rating on the stock.
Analysts said in a note that the company has strong cyber tailwinds and deal flow into 2024.
"We are raising our price target on PANW from $290 to $350, reflecting our solid field checks in the cyber security landscape for the PANW machine and increasing cloud deal momentum heading into 2024," explained the analysts.
"Our recent field checks have been relatively robust for PANW as despite a cloudy macro we are seeing strong cyber security deal activity for the stalwart across the board with cloud-influenced, enterprise-wide deals as the theme of the January quarter thus far," they added.
Wedbush notes that deal activity is starting to strengthen into 2024 and believes that PANW is "incrementally well positioned" to gain more market share in the cyber landscape looking ahead.
The firm also described the recent SEC guidelines as a potential game changer for public companies and could be a major benefit for PANW in 2024.
"In particular, we believe PANW is seeing considerable strength with major expansions within its installed base as more enterprises move to the cloud with the PANW platform," the analysts stated.