PANW Q4 revenue and ARR; Bernstein cuts to Market Perform
Palo Alto Networks reported Q4 revenue of $3.41B and next-gen security ARR of $9.10B, with GAAP operating income of $172M and adjusted runs near $1B. Bernstein downgraded PANW to Market Perform after a peer-driven pullback; JP Morgan reiterated PANW as a top pure-play.