Morgan Stanley analyst Hamza Fodderwala downgraded CyberArk to Equal Weight from Overweight with a price target of $240, up from $195. The analyst sees limited upside to annual recurring revenue and free cash flow forecasts exiting the company’s subscription transition. While positive longer term, CyberArk’s growth near term could disappoint versus heightened expectations, with limited room for multiple expansion, the analyst tells investors in a research note.
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