CyberArk price target raised to $340 from $310 at KeyBanc

KeyBanc analyst Eric Heath raised the firm’s price target on CyberArk (CYBR) to $340 from $310 and keeps an Overweight rating on the shares. The firm’s Q3 VAR survey results show a rebound in both performance in the quarter and on the outlook for IT budgets moving into next year, the analyst tells investors in a research note. The firm says a big area of improvement was in expectations for 2025, with respondents now expecting 2025 IT budgets to grow 4.4% year over year, up from 3.2% just 90 days ago, a 2.5% acceleration over 2024.