PANW: Reiterating Top Pick. Increase PT to $380/Share

Research evidence excerpt

PANW: Reiterating Top Pick. Increase PT to $380/Share

June 30, 2026 Palo Alto Networks, Inc.

(PANW, Buy, $380 PT)

Gray Powell, CFASECURITY PANW: Reiterating Top Pick. Increase PT to $380/Share (212) 882-2348 gpowell@btig.com

Trevor Rambo WHAT YOU SHOULD KNOW: In conjunction with BTIG’s semi-annual top picks report,AND (212) 593-4461 trambo@btig.com we are reiterating PANW as the top pick across our coverage and increasing our Company Data

PT to $380 from $333 previously. Our independent fieldwork on PANW the last six

months has been consistently improving. And our early work into CQ’26 earnings Closing Price $329.40

points towards continued momentum. At a high level, PANW’s breadth across network Price Target $380.00

security, cloud, endpoint, SIEM, observability, and identity gives it the broadest Market Cap (M) $275,049.00

platform in cybersecurity. And our field checks indicate that platform initiatives are Enterprise Value (M) $236,510.00

translating into larger deal sizes and stronger cross-sell opportunities. We think this Shares Out (M) 835.00

is showing up in results as PANW is dominating its core network security target Avg Daily Vol-3 Months (M) 8.35

market and is substantially outgrowing peers in the SASE space. In addition, PANW is

aggressively making inroads into the $8.6B SIEM market with XSIAM and having better Dividend / Yield $0.00 / 0.0%INFRASTRUCTURE than expected early success with Chronosphere. Both of these products help PANW Revisions

better unify its product strategy and build a data moat. Lastly, we see sizable expansion Previous Current

opportunities in identity with CyberArk and have been picking up positive early data Rating Buy Buy

points on Prisma AIRS / AI Security. All in, the momentum within PANW’s installed Price Target $333.00 $380.00