CyberArk price target raised to $260 from $195 at Oppenheimer

Oppenheimer raised the firm’s price target on CyberArk to $260 from $195 and keeps an Outperform rating on the shares. The firm is also highlighting CyberArk as a top pick for 2024. Oppenheimer believes CyberArk can benefit from several drivers to deliver upside in CY24. These include secular demand tailwinds driven by an increasing attack surface and prioritization of identity security, ability to leverage a broad identity platform capitalizing on customer consolidation efforts and taking share in the identity security market, potential for ARR uplift from conversions to SaaS, and multiple cross-sell levers that offer additional ARR upside. Overall, the firm continues to view CyberArk as a premier player in the identity security market with a deep product offering, and believe it is well-positioned to sustain its strong momentum into 2024.