Palo Alto Networks, Inc. (NASDAQ:PANW) raised its price target to $248.00 after a strong Q1 beat and entry into the observability space through the Chronosphere deal. Revenue for the quarter was $2,474 million, exceeding estimates. Next-Generation Security Annual Recurring Revenue (NGS ARR) was $5,850 million, up 29.4% year-over-year.

The firm slightly exceeded its prior estimate and the Street consensus for revenue. PANW also raised the midpoint of its FY26 revenue guide and maintained its NGS ARR outlook. The surprise announcement of a $3.35 billion acquisition of Chronosphere was well-received. The firm made minimal changes to its revenue and FCF estimates for FY26/FY27.

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Read more at Yahoo Finance: Analysts Bullish on PANW as AI-Driven Cybersecurity Demand Accelerates