Rosenblatt downgraded Palo Alto Networks (NASDAQ:PANW) from Buy to Neutral, adjusting the price target from $290.00 to $265.00.

This decision follows the company's 20% stock price drop in after-hours trading yesterday, triggered by an unexpected strategic adjustment announcement. The new strategy, focused on platformization and AI, aims for a $15B ARR by 2030, despite current challenges in billing and revenue projections due to customer spending fatigue.