CyberArk initiated with bullish view at Jefferies, here’s why

Jefferies analyst Joseph Gallo initiated coverage of CyberArk with a Buy rating and $240 price target. The analyst says CyberArk is well positioned in a sizable market while making strides in profitability as it completes its subscriber transition. The company appears capable of sustaining momentum given an inflecting macro environment coupled with achievable new business setup in 2024, the analyst tells investors in a research note.