Dan Ives Remains Bullish On Palo Alto Networks Despite 'Nightmare On Elm Street': 'It's A Reset With Brighter Days Ahead'

Despite recent setbacks for Palo Alto Networks (NASDAQ:PANW), Wedbush analyst Dan Ives remains optimistic about the company’s future, suggesting brighter days ahead in a recent tweet.

What Happened: Ives reaffirmed his confidence in Palo Alto Networks on Tuesday by reposting a clip from last week’s Last Call episode. This follows a significant 28% drop in the company’s shares.

“As we discussed on @LastCallCNBC last week with @SullyCNBC, despite many on the Street throwing in the towel on PANW this was not the time to go negative…it's a reset with brighter days ahead,” Ives stated in his tweet.

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His comments were in response to a quote from Last Call CNBC, where he described the company’s recent performance as a “‘Nightmare on Elm Street’ quarter and conference call.”

Why It Matters: Earlier this month, Ives projected a 16% upside for Palo Alto’s stock, setting a bullish target at $425. He hinted at a promising future for the cybersecurity landscape, describing the “golden age of cybersecurity” as being imminent, with Palo Alto at the forefront.

Despite the company reporting a revenue beat for its fiscal second quarter, shares of Palo Alto Networks tanked in early trading. This unexpected downturn has caused some in the industry to question the company’s near-term outlook.

However, Ives’ tweet suggests he remains confident in the company’s trajectory, viewing the current situation as a “reset” rather than a cause for concern.

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