12:14 PM EDT, 08/20/2024 (MT Newswires) -- Palo Alto Networks' ( PANW ) fiscal Q4 results were largely in line with expectations, but its outlook for full-year remaining performance obligations, or RPO, is "maybe a hair light," UBS Securities said Tuesday.

Late Monday, the cybersecurity firm reported fiscal Q4 adjusted earnings of $1.51 per share, up from $1.44 a year earlier and beating the consensus on Capital IQ of $1.41. Revenue gained 12% to $2.19 billion, above analysts' $2.16 billion estimate. For fiscal 2025, the company expects RPO to increase 19% to 20%.

"We wonder how much upside there is to the 19%-20% FY25 RPO growth guide," UBS analyst Roger Boyd said in a note to clients. The brokerage expects platform deals to be a tailwind to RPO growth, according to the note.

"Any incremental shift away from platforms would be a fairly significant headwind to [Palo Alto] given the current platform push, which we don't think is a major assumption to the current guide," Boyd said.

The brokerage increased its price target on the Palo Alto stock to $355 from $345, with a neutral rating.

The company's shares were up about 9% in recent trading.

Price: 371.94, Change: +28.58, Percent Change: +8.32