Palo Alto Networks, Inc. has jumped nearly 100% since my last rating, pushing its forward P/E above 80x, which looks overdone as I don't see a growth inflection yet. The recent jump in total revenue and RPO growth is largely M&A-driven, with 4Q organic revenue growth expected to decelerate to 14.4% YoY. Despite a double beat and raised guidance, non-GAAP EPS growth is expected to decelerate to 13% YoY in FY2026, partly due to share dilution from recent acquisitions.