Berenberg Initiates Palo Alto Coverage, $215 Target

Berenberg launched coverage on Palo Alto Networks, assigning a Buy rating and a $215 price target.
Analyst Rahul Chopra cites a 30% valuation discount versus 2024‑25 averages due to the “AI eats software” sell‑off.
Platformisation has reached 1,550 installations, aiming for 2,500‑3,500 by FY2030, with consensus underestimating pace.
Recent $19bn CyberArk and $3bn Chronosphere acquisitions expand addressable market to $206bn, supporting 6‑14% revenue upside.