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Buy Palo Alto Networks, Pacific Crest says

Source: Palo Alto Networks

Investors should buy shares of Palo Alto Networks on the prospect of a good sales result when it reports next week, according to Pacific Crest, which reaffirmed its overweight rating on the security technology company.

Palo Alto Networks will announce fiscal fourth quarter earnings after the market close on Tuesday.

"Our checks were unilaterally positive for Palo Alto Networks' July end quarter, with particular strength in the federal market and continued success with subscription add-ons," analyst Rob Owens wrote in a note to clients Wednesday.

"Given a conservative product revenue expectation and multiple levers for upside, we would be buyers of shares."