Factors like inflation, delta variant, and the ongoing issues with China made life difficult for investors in recent weeks. But Advisors Capital Management’s Joanne Feeney still sees plenty of stocks that could do well, despite the pessimism.
Feeney’s remarks on CNBC’s “Squawk Box”
Feeney wants investors to put their money in “resilient” growth names. One stock in particular that stands out to her is Palo Alto Networks Inc (NYSE: PANW). On CNBC’s “Squawk Box”, she said this morning:
Palo Alto is a name we’ve owned for quite a while for our clients, and we think it’ll survive regardless of what the Fed does.
Feeney agreed that rate hikes tend to hit higher multiple stocks but expects Palo Alto to power through on the back of strong demand.
We know these cyber hacks are going to continue. This problem is going to get bigger. So, Palo Alto is one place to hide from these concerns about inflation.
The majority of analysts have a buy rating on PANW
She, however, is not the only one who’s positive on the California-based cybersecurity firm. Of the 37 analysts covering Palo Alto, 32 currently have a buy rating on the stock, which is particularly impressive since PANW is already up about 50% from its year-to-date low in mid-March.
While Feeney expects the cybersecurity sector at large to remain strong, Advisors Capital Management doesn’t have any other cybersecurity name on its portfolio at the moment. Feeney added:
With Palo Alto, you’re getting a company that has a very large install base of its firewall users and is also offering complimentary solutions around it. So, you’re targeting a broad area within cybersecurity with Palo Alto, and we like this one the best right now.
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