Parkev Tatevosian, CFA 对 $PANW 的判断变化

2026-10-02看跌
《Palo Alto Networks Stock is Soaring: Is it Too Late to Buy? | PANW Stock Analysis》
PANW 估值明显偏高,原因是估值倍数高企,而基本面表现相对股价而言疲弱。

代理式AI的普及对网络安全股来说是个重大利好,尤其是对Palo Alto Networks。毫无疑问,人工智能代理的行为所带来的需求增长,创造了对网络安全的更大需求。

The proliferation of proxy AI was great news for cybersecurity stocks, and for Palo Alto Networks in particular. There is no doubt that the increased demand resulting from the actions of artificial intelligence agents creates an increased demand for cybersecurity.

但更重要的是,而且我认为影响更大的是,这些新闻头条对网络安全股来说是个重大利好,不是吗?我们听说过AI代理失控、做出这些事情,而这些头条新闻、这些担忧以及它们在投资者中引发的情绪,确实促使投资者把网络安全股视为这一问题的解决方案。

But more importantly, and I think more impactfully, the news headlines were great for cybersecurity stocks, weren't they? We have heard about AI agents getting out of control and doing these things, and those headlines and concerns and what they raise among investors have really encouraged them to look at cybersecurity stocks as a solution to this problem.

2026-09-12
《The Proliferation of Agentic AI Has Been Great News for Palo Alto Stock Investors | PANW Stock》
PANW 为持有评级;相对于利润率与 ROIC 的下滑,其估值过高(远期市盈率 68.6,DCF 公允价值 175 美元,而市价为 335 美元)。

Palo Alto Networks 的营收增长因此正在加速。管理层预计 2027 财年增长至少 23%,并预计到 2028 财年自由现金流利润率达到 40%。

Palo Alto Networks is experiencing accelerating revenue growth as a result. The management team is forecasting at least 23% growth in the fiscal year 2027 and forecasting 40% free cash flow margin by fiscal year 2028.

那么,这是否让 Palo Alto Networks 的股票成为一个买入机会?让我们来看看这家公司的业务,一起回答这个问题。

So, does this make Palo Alto Networks stock a buying opportunity? Let's take a look at the business and answer that question together.