Palo Alto Networks (PANW) shares fell 4.7% in the afternoon session after Phillip Securities downgraded the stock to Neutral from Buy with a $346 price target, about 17% below the previous close of $418.78. Analyst Alif Fahmi called the shares stretched at 97 times earnings versus a historical average of 54 times, while keeping an 'overweight' view on software and naming Microsoft, Oracle, Palantir and Snowflake as preferred names. The stock had gained 5.1% in the prior session and more than 120% in 2026 so far. The article links the drop to profit-taking after the year-to-date rally, with shares closing at $403.81, down 3.6%.
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