Group 1 - Goldman Sachs maintains a "Buy" rating on Palo Alto Networks (PANW.US) with a target price of $215, citing network security as a resilient software category amid industry demand uncertainties [1] - Palo Alto is viewed as one of three companies capable of driving security strategy and market share growth, alongside Microsoft and CrowdStrike, with expectations for continued cross-selling and strong economic benefits in the long term [1] - Despite macroeconomic uncertainties leading to extended sales cycles, demand for network security remains relatively resilient, with customers prioritizing security due to heightened geopolitical risks [1] Group 2 - Palo Alto is the only large firewall supplier that conducts 100% of its testing and assembly in the U.S., which the company believes allows it to maintain profit margins and be more price competitive compared to competitors with Asian supply chains [2] - The integration of cloud business with the Cortex platform indicates Palo Alto's acknowledgment of disappointing growth in its cloud business, requiring significant rewrites of its cloud technology stack [2] - Palo Alto is focusing on expanding its Cortex business primarily among large enterprise clients, viewing Google Chronicle, Splunk, and Microsoft as main competitors, while CrowdStrike is seen as more competitive in the mid-market [2]
网络安全需求仍具弹性 高盛力挺Palo Alto Networks(PANW.US)