Why Stock-Split Stock Palo Alto Networks Sank Today
Palo Alto Networks (NASDAQ: PANW) just couldn't connect with investors on Wednesday. The company's shares sank on a day when many tech industry peers recovered from the market meltdown on Tuesday; ultimately Palo Alto closed down by 0.5%. A new and bearish analyst take on the company had much to do with that.
The responsible party was Wolfe Research's Strecker Backe, who took a large sword to his price target on Palo Alto stock. He now feels that its proper level is $238 per share, well down from his previous estimation of $715 per share.
This doesn't, however, make Palo Alto an undesirable investment, according to Backe. He is maintaining his outperform (buy, in other words) recommendation on the cybersecurity stock.
Source Fool.com
