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Shares of Palo Alto Networks (PANW) were up 2.45% to $116.50 in early morning trade as Jefferies analyst John DiFucci upgraded the next-generation security platform to "Buy" from "Hold" and raised his price target for the shares to $150 from $130.

Palo's recent operational weakness has more to do with a major product cycle than sales execution or increased competition, DiFucci wrote in a research note. He expects the company's business to reaccelerate over the next two quarters.

DiFucci finds Palo well positioned for the future development of the cybersecurity market.

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