Palo Alto Stock Plunges After Earnings. It’s Taking Cybersecurity Peers With It.

Palo Alto the California-based provider of online security services, fell sharply after issuing disappointing guidance for sales. Shares were down 22% at $284.38 in premarket trading Wednesday. Analysts at KeyBanc led by Eric Heath lowered their price target for the stock to $380 from $390 after the results, reported after the bell Tuesday, maintaining their Overweight rating.