Palo Alto Networks Upgraded at Credit Suisse on Cyber Threats

Shares of Palo Alto Networks rose 1.6% in Tuesday premarket trading after the stock was raised to outperform at Credit Suisse, with analyst Brad Zelnick seeing an “elevated threat environment” and working-from-home driving more cybersecurity spending.

• Flagged Covid-19 and the Sunburst hack, with President Joe Biden making it clear that cybersecurity spending is a top priority, pressing to “launch the most ambitious effort ever to modernize and secure federal IT and networks”
  • Though Zelnick said his expectations for a “significant ramp” in federal cyber spend in the near term are tempered, he sees firms with an incumbency ...