CyberArk initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of CyberArk (CYBR) with an Outperform rating and $340 price target CyberArk is “at the top of its game competitively,” argues the analyst, who thinks the momentum can continue. Street top-line estimates for the second half of 2024 and 2025 “appear reasonable” based on the firm’s positive checks and the continued tailwinds from the company’s software-as-a-service, or SaaS, transformation, the analyst tells investors. The firm expects revenue to grow at “one of the fastest rates in Software,” with ample room for margin improvement over the next year, the analyst added.