CyberArk price target raised to $198 from $187 at BofA

BofA raised the firm’s price target on CyberArk (CYBR) to $198 from $187 and keeps a Buy rating on the shares. Recent events – such as the MGM Resorts (MGM) hack that resulted in the shutdown of a major casino operator and the cyberattack on Clorox (CLX) that is expected to have a material impact on the company’s Q1 results – “underscore the severity of the threat landscape,” the growing importance of identity security and privileged account identity, which is the basis for the firm’s positive stance on CyberArk. Current breaches increase the importance of Privilege Access Management, the analyst tells investors.