Palo Alto Networks (NASDAQ:PANW) stock has soared by 90% this year, reaching a record high, and boosting its market capitalization to over $283 billion. It has jumped by 150% from its lowest point this year, with some analysts seeing more upside.
Palo Alto Networks Soaring Amid AI Demand
PANW, the biggest cybersecurity company in the world, is doing well this year, helped by the expected surge in demand as artificial intelligence growth accelerates.
It also soared after the company acquired CyberArk in a $25 billion deal that will help it gain more access in the human, machine, and agentic AI industries.
Despite the strong surge, some analysts believe that the stock has more upside to go in the near term. Andrew DeGasperi, a top analyst from BNP Paribas, boosted his outlook from $330 to $380, while Wells Fargo’s Michael Turin hiked from $325 to $420. Arete Research hiked the target to $433, while BTIG boosted to $380.
