NEW YORK (TheStreet) -- Shares of Palo Alto Networks (PANW) are rising 1.06% to $182.56 in Thursday's pre-market trading after analysts at RBC Capital Markets raised their price target to $200 from $180 with an "outperform" rating.
The California-based company provides enterprise security platform to enterprises, service providers, and government entities.
"We had the opportunity to market with Palo Alto and if we could sum up the meetings in one word, it would be confident," analysts said.
They continue to believe security spending intentions remain robust and that upside could come from the internal renewal cycle, expanded distribution and share-shift, endpoint, and additional margin expansion, the firm noted.
Additionally, the company's management is confident, expecting Palo Alto Networks to become the biggest security company in the world, according to the analyst note.
Separately, TheStreet Ratings team rates PALO ALTO NETWORKS INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PALO ALTO NETWORKS INC (PANW) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and compelling growth in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."