Shares of Palo Alto Networks (PANW) are more than 8% higher Thursday after the company reported better-than-expected fiscal Q4 results, followed by a series of upgrades to its investment rating.

After the close on Wednesday, Palo Alto reported Q4 revenue of $283.9 million, up from $178.2 million in Q4 last year and better than the analyst consensus of $256.6 million on Capital IQ. Non-GAAP earnings were $0.28 per share, up from $0.11 per share a year ago and three cents higher than the Street view.

GAAP loss for the quarter was $0.55 per share, vs. a year ago loss of $0.41 per share.

For Q1, the company expects revenue in the range of $280 to $284 million, ahead of expectations of $270 million. EPS is seen at $0.31 to $0.32, vs. expectations of $0.30 per share.

In the wake of upbeat earnings, Stifel Nicolaus raised their price target to $200 from $180 and maintained their buy rating.

Also, Wunderlich retained its hold rating but raised its price target to $190 from $180.

Shares last traded at $178.60, near the high of its 52-week range of $87.83 to $200.55.

Companies: Palo Alto Networks, Inc.
Price: 176.58 Price Change: +11.41 Percent Change: +6.91