Deutsche Bank lowered its rating today on Palo Alto Networks (PANW), one of investors’ favorite names in the IT security sector, while FanDuel owner Flutter (FLUT) cut its guidance, Schwab TV reported today.
Deutsche Bank cut its rating on PANW to Hold from Buy. Additionally, Deutsche reduced its price target on the shares to $190 from $207.
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Warning that IT security companies will have a difficult time in 2025, Deutsche believes that Palo Alto will have trouble continuing to grow at a 15% clip going forward. Additionally, the company’s 2025 performance is likely already baked into the shares, Deutsche contended.
Meanwhile, Flutter, the owner of the popular sports betting app FanDuel, lowered its fiscal 2024 revenue guidance yesterday after the market closed. According to Schwab, the company reduced its full-year sales outlook because its customers “were winning too much.”
“The 2024-2025 NFL season to date has been the most customer-friendly since the launch of online sports betting, with the highest rate of favorites winning in nearly 20 years,” Schwab quoted Flutter as saying.
Flutter reduced the midpoint of its full-year revenue guidance range by about $370 million to roughly $5.78 billion. Additionally, it lowered the midpoint of its 2024 U.S. adjusted EBITDA guidance range by about $205 million to roughly $505 million.
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Disclosure: None. This article is originally published at Insider Monkey.