Palo Alto Networks (PANW)

Outperform Recap: Q3 FY26

The Thesis Plays Out: A Record Quarter, Guidance Raised Across Every Metric, Both Deals Beating Plan, and "Mythos" Lifts the Terminal Value of Cybersecurity — Maintaining PANW at Outperform

Outperform Recap: Q2 FY26

The Overhang Resolves Into a Cheaper Entry: Both Deals Close, the Dilution Is Finally on the Page, and the Stock De-Rates to ~$150 — Upgrading PANW to Outperform

Hold Recap: Q1 FY26

Beat, Raise, and a $20B FY30 Target — and the Stock Falls Anyway: A Second Multi-Billion-Dollar Deal Stacks the M&A Risk on an Already-Full Multiple. Maintaining Hold

Hold Recap: Q4 FY25

Initiating Palo Alto Networks at Hold: A Best-in-Class Operator Crosses 30% Margins and Re-Accelerates Bookings — But a $25B Identity Bet, a Founder's Exit, and a Full Multiple Cap the Entry