(Reuters) - Palo Alto Networks surged 12% on Monday after its dominant position in the cybersecurity market helped power a strong forecast, cheering ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Palo Alto Networks surged 12% on Monday after its dominant position in the cybersecurity market helped power a strong forecast, cheering investors worried about possible weakness after it chose a rare summer Friday for its earnings.
"After much drama about a Friday afternoon release effectively putting the Street on edge in the cyber sector with the murky macro backdrop, Palo Alto printed a relatively strong quarter," analysts at Wedbush Securities said. Expectations were running low for the company after Fortinet earlier this month indicated softening demand for core firewall products, sparking a selloff in the sector.
"We walk away confident about the company's ability to consolidate enterprise security spend and outgrow peers with strong profitability," RBC Capital Markets analysts said.
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