11:40 AM EST, 11/13/2025 (MT Newswires) -- "Off-cycle" platforms in cybersecurity, like that of Palo Alto Networks ( PANW ) , CrowdStrike Holdings ( CRWD ) , and Zscaler ( ZS ) , face better prospects in H2, Morgan Stanley said in a Thursday note.

The investment firm cited continued positive checks on the three companies' respective platforms.

Palo Alto Networks ( PANW ) is set to release fiscal Q1 results on Nov. 19 and Morgan Stanley said channel checks and reseller survey indicated "strong momentum" in the quarter, with "solid" pipeline and share gains in several security categories.

The investment firm said it also expects Zscaler ( ZS ) to report "solid" fiscal Q1 results on Nov. 25 as the company remains a market leader, with strong channel performance and high customer win rates.

For CrowdStrike ( CRWD ), Morgan Stanley expects a Q3 revenue beat, saying its channel checks indicated the Falcon platform's momentum beyond endpoint security. Partners said "customers are increasingly utilizing CrowdStrike's ( CRWD ) 'all you can eat' Falcon Flex subscription offerings," the investment firm noted.

Morgan Stanley raised its price target on Palo Alto Networks ( PANW ) to $228 from $216, CrowdStrike ( CRWD ) to $515 from $475, and Zscaler ( ZS ) to $335 from $320, while reiterating its outperform ratings on all three companies.

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