CNBC’s Jim Cramer has touted Palo Alto Networks (PANW) as his top cybersecurity stock pick after the company became the first in its group to reach a $100 billion market cap. Cramer believes Palo Alto will emerge as the new champion of cybersecurity, citing its milestone as a goal achieved by its management.
In Thursday morning trading, PANW rose to an all-time high, outperforming its peers and doubling year-to-date. Cramer also expressed his preference for Palo Alto over competitors like Fortinet (FTNT), highlighting Palo Alto’s diversified and less cyclical revenue channels, which allow the company to service larger clients at a greater scale.
Palo Alto Networks is a prominent holding in Jim’s Charitable Trust and is the third-best performing stock in 2023. With its strong market performance and strategic position in the cybersecurity sector, Palo Alto Networks has secured a favorable endorsement from Cramer. This underlines its potential as a solid investment option in the dynamic and competitive cybersecurity market.
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