BofA analyst Tal Liani raised the firm’s price target on CyberArk to $315 from $300 and keeps a Buy rating on the shares. Calendar year 2024 marks the first year post transition to subscription for CyberArk and the firm models calendar 2024 and 2025 annual recurring revenue growth of 30% and 25%, respectively, which it notes are 250 and 500 basis points above consensus. CyberArk remains “an underappreciated cybersecurity company,” the firm argues as it raises estimates.
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