UPDATE: Oppenheimer Reiterates On Palo Alto Networks As Checks Indicate Solid Close To FY14

In a report published Tuesday, Oppenheimer analyst Shaul Eyal reiterated an Overweight rating on Palo Alto Networks (NYSE: PANW), and raised the price target from $80.00 to $90.00.

In the report, Oppenheimer noted, “We are raising our PT to $90 from $80 following a round of late-Q checks (25 VARs in US/EMEA) suggesting PANW's business is tracking ahead of consensus estimates ($161.3/$0.11). We remain positive on the shares for the following reasons: 1.) Continued strength across all core products and geographies (the Americas generates ~66% of total revenue) 2.) PANW's high-end appliance (PA-7050) is gaining further momentum 3.) Solid traction of Wildfire (APT solution) and 4.) We continue to see PANW as a market disruptor in the network security market. Reiterate our Outperform rating.”

Palo Alto Networks closed on Friday at $84.99.