Along with the broader market, shares of Palo Alto Networks PANW have given back earlier gains, only up 1.7 percent to $65.50 after being higher by four percent earlier in Monday's trading.
The shares were upgraded from Equalweight to Overweight by Barclays, which gave the shares an extra boost. Analyst Raimo Lenschow maintained a $78 price target.
Lenschow's upgrade is based on three factors:
Market News and Data brought to you by Benzinga APIs- ”Underlying trends in the market appear to be improving, evidenced by Barclay's most recent CIO survey, in which security was seen as the top driver of IT spending in 2014.”
- ”The recent pullback in high-multiple names has created a more compelling entry point.”
- ”Overhang from the litigation with Juniper appears to be dissipating with investors once again refocusing on the fundamental strength of the business model.”
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