UPDATE: Barclays Capital Reiterates On Palo Alto Networks As JNPR Settlement Tops Off Solid 3Q

In a report published Thursday, Barclays Capital analyst Raimo Lenschow reiterated an Overweight rating on Palo Alto Networks (NYSE: PANW), and raised the price target from $78.00 to $90.00.

In the report, Barclays Capital noted, “Palo Alto is settling its 2.5+ year long litigation with Juniper with a one-time payment of $175M and no royalties, which is a favorable outcome in our view. This topped off another solid quarter, as revenue came in ahead of expectations, driven by increasing interest in data center appliances and higher subscription attach rates. Looking forward, we are carrying forward the revenue beat in FY14 and FY15 and raising our price target to $90 as the Juniper settlement removes a major overhang on the stock.”

Palo Alto Networks closed on Wednesday at $69.51.