In a new report, analysts at Oppenheimer laid out their bullish case for Palo Alto Networks Inc PANW 0.12% based on their most recent round of channel checks.

The report includes several reasons why analysts believe that Palo Alto’s stock is primed for a climb in upcoming months.

Tracking Above Guidance

Oppenheimer’s most recent channel checks indicate that Palo Alto’s fiscal Q3 revenue numbers are tracking higher than its mid-point guidance of $221 million. Approximately 90 percent of contacts indicated that their Palo Alto business is beating expectations for the quarter.

Analysts now see the full-quarter number coming in between $221.3 and $223.0 million with “highly likely” upside to their $0.20 earnings per share (EPS) estimate for the quarter.

Subscription Growth

According to the report, analysts believe that Palo Alto’s five subscription services provide the company with…

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