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Palo Alto Networks Earnings: A Strong Result Amid a Challenging Macroenvironment

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We are raising our fair value estimate to $225 per share from $200 for wide-moat Palo Alto Networks PANW after the firm reported yet another stellar quarter with strong top- and bottom-line results. Amidst a dreary macro backdrop, we continue to be impressed by Palo Alto’s strong execution and robust sales pipeline, which has helped insulate its financials from macro-induced contractions. With the shares up around 4% after hours, we believe Palo Alto is marginally undervalued.

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