DA Davidson raised the firm’s price target on CyberArk to $215 from $200 and keeps a Buy rating on the shares. The company continues to “execute phenomenally well” relative to peers amid a challenging macro as it grew its ARR by 38% – well ahead of consensus – while also raising its FY23 ARR growth outlook to 33%-35% vs. 30%-32% Y/Y previously, the analyst tells investors in a research note.
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