PANW - Wedbush bullish on cyber security going into Q1 earnings as Street 'underestimating' growth

Wedbush Securities is bullish on a number of cyber security companies going into first-quarter earnings, raising the price targets on several names, as the firm believes the rest of Wall Street is "underestimating" the growth for the sector for the rest of the year. Analyst Dan Ives raised the price targets on Palo Alto Networks (NASDAQ:PANW), Qualys (QLYS) CheckPoint Software (NASDAQ:CHKP), CyberArk Software (NASDAQ:CYBR) and Fortinet (NASDAQ:FTNT), noting the sector is likely to be seen as a "safety blanket" amid a Category 5 storm of macro concerns and a jittery stock market. "While investors will fret about valuations on hyper-growth names (ZS, Okta, Crowdstrike, etc.) in the near-term, our checks over the last month have been the strongest for the cyber security sector in a decade with a further uptick seen in large, seven-figure deal flow in the field," Ives wrote in a note to clients. The basket of names

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Wedbush bullish on cyber security going into Q1 earnings, as Street 'underestimating' growth