Palo Alto Networks shares climbed to a record high on Monday as cybersecurity stocks rallied following the Black Hat conference in Las Vegas, where analysts and industry participants highlighted how AI agents are reshaping the threat landscape and driving demand for new security tools. Palo Alto rose 5.44% to $383.58 after earlier touching $382.94, while CrowdStrike also gained more than 5% to a new high. BTIG said AI agents have fundamentally changed the threat environment and lifted its price target on Palo Alto to $380 a share, citing upside from the company's identity platform and products including XSIAM and Chronosphere. The firm also raised its CrowdStrike target to $237 and lifted Rubrik to $109, while Cantor said AI has become a key pillar of both the attack surface and attacker-defender infrastructure. The move adds to earlier support from analyst target increases by Oppenheimer and Barclays ahead of Palo Alto Networks' fiscal fourth-quarter and fiscal year 2026 results due on Tuesday, Sept. 1, when Wall Street expects non-GAAP earnings of 88 cents per stock on about $3.35 billion in fourth-quarter revenue. The rally came even as China's Cyberspace Administration of China is reviewing Palo Alto Networks products sold in the country under national security and cybersecurity laws.