Jim Cramer Praises Palo Alto Networks After Price Target Boost
- Jim Cramer endorsed Palo Alto Networks, Inc. during a CNBC segment, following a price target increase by Morgan Stanley.
- Boeing reported a significant loss and announced workforce reductions, raising concerns about its financial health.
- Cramer's comments reflect a mixed outlook in the market, with some companies showing promise while others face challenges.
On October 11, 2024, during an episode of CNBC's 'Mad Money Lightning Round,' Jim Cramer praised Palo Alto Networks, Inc. (PANW), calling it a 'good one.' This endorsement came shortly after Morgan Stanley analyst Hamza Fodderwala raised the price target for Palo Alto from $390 to $421, maintaining an Overweight rating. Cramer expressed concerns about Boeing, which reported a significant preliminary loss of $9.97 per share and announced a 10% workforce reduction, indicating a troubling financial outlook. He also highlighted the impressive recovery of Johnson Controls International (JCI), which has seen a positive shift in its market position. Wells Fargo analyst Joe O'Dea similarly maintained an Overweight rating for JCI, increasing its price target from $80 to $84. Additionally, Cramer mentioned Fulton Financial Corporation (FULT) as another strong investment option, with its third-quarter earnings report scheduled for October 15, 2024. The stock market reacted positively, with shares of Boeing, Palo Alto, Johnson Controls, and Fulton Financial all experiencing gains on the same day. This series of events reflects the current dynamics in the tech and financial sectors, showcasing both opportunities and challenges for investors.