UPDATE: Palo Alto Networks Up Over 5%, FBN Boosts Price Target

In a report released Monday, Shebly Seyrafi of FBN Securities announced a price target increase for Palo Alto Networks (NYSE: PANW) from $65 to $90.

The report attributes a ramp-up of the company's PA-7050 120Gpbs products and Wildfire business as key factors to the increase, "Wildfire, which can be seen as PANW's competitive product to FEYE in the APT area, is growing well, and we believe that it is now by far the largest component of its subscription revenue."

For FQ2, PANW reported revenues of $141.1M, besting consensus by $5.6M. Seyrafi also notes, "Overall NG operating margin of 9.0% was higher than our 7.7% estimate and consensus of 8.2%."

PANW closed previously at $73.62 and is currently trading at the $77.62 mark.