CyberArk price target raised to $230 from $198 at BofA

BofA raised the firm’s price target on CyberArk to $230 from $198 and keeps a Buy rating on the shares. BofA notes that at a high level, cybersecurity remains a strong spending area and the sector’s valuation level has increased accordingly and this increase in sector multiples is also driving it to increase its target on CyberArk. The firm sees continued strong execution and favorable market positioning and tailwinds for growth in the Privileged Access Management market, which it calls “an underappreciated market.”