BTIG analyst Gray Powell downgraded Palo Alto Networks (PANW) to Neutral from Buy without a price target After reviewing Palo Alto’s share in its core network security target market and the drivers within its higher growth next-generation security platform business, the firm no longer thinks the company is a sustainable 15%-plus growth story. In addition, BTIG sees limited upside to Street annual recurring revenue estimates this year. Palo’s NGS segment could decelerate at a faster than expected pace in fiscal 2026 and 2027 as the company laps the benefit of traditional attached firewall subscriptions, the analyst tells investors in a research note.
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