CyberArk initiated with Buy, $175 price target at DA Davidson

DA Davidson analyst Rudy Kessinger last night initiated coverage of CyberArk with a Buy rating and $175 price target. The company has a clear market leadership position in privileged access management, the most critical pillar of identity security, Kessinger tells investors in a research note. The analyst believes CyberArk’s broadening identity security platform should drive a "strong cross-sell motion" and he notes that the company’s recurring revenue model transition is nearing completion. He believes the company will be able to weather the worsening macro backdrop well relative to peers.