Palo Alto: Wedbush ups PT to $425 as momentum builds for cybersecurity deals (NASDAQ:PANW)

Brokerage says it is “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.”

Deal activity is starting to strengthen in 2024, and that bodes well for 2024 guidance, Wedbush analysts said in a note, adding that, Palo Alto Networks (PANW) remains incrementally well positioned to gain more market share in the cyber landscape looking ahead.

According to Wedbush, there is a $200 billion dollar growth opportunity in cloud security alone “up for grabs” over the next few years for those vendors such as PANW that have the solution sets to protect critical cloud deployments from growing threats/ attacks.

Cybersecurity stocks: Palo Alto vs peers

Furthermore, brokerage picks PANW as one of its favorite cyber names to own in 2024, despite some fretting about valuation and the recent gain in share price.

Shares of Palo Alto Networks (PANW), which have gained over 12% in the past one month, were up +1.34% to $371.81 in premarket trade.