Why Palo Alto Networks Stock Outpaced the Market Today
The stock market wasn't such a gloomy place on Wednesday for Palo Alto Networks (NASDAQ: PANW). Although the cybersecurity company's stock fell marginally in price across the day, it still did notably better than many titles -- the shares dipped by 0.2% while the broad S&P 500 index took a nearly 1.6% hit. Palo Alto benefited from a pair of new, bullish analyst takes.
The first of these hit the headlines just after market hours on Tuesday. Evercore ISI analyst Peter Levine bumped his price target higher on Palo Alto stock, raising it to $215 per share from the preceding $207. Compounding that, Levine reiterated his buy recommendation on the shares.
This was followed on Monday morning by Scotiabank, which initiated coverage on the cybersecurity specialist's shares. As with Evercore's Levine, the Canadian bank was bullish on the company's future, tagging it with an outperform (read: buy) recommendation. This isn't as strong as Levine's buy, as Scotiabank's price target is a more modest $155 per share.
Source Fool.com
