CyberArk price target raised to $355 from $340 at KeyBanc

KeyBanc raised the firm’s price target on CyberArk (CYBR) to $355 from $340 and keeps an Overweight rating on the shares following a solid Q3 ARR beat and Q4 organic guide. The firm continues to see more runway for, and a favorable competitive environment in, PAM, competitive tailwinds in secrets management following the acquisition of Hashi, and opportunities to layer additional security controls on top of existing SSO/MFA tools. KeyBanc remains positive on the opportunity for CyberArk to accelerate Venafi growth now with significantly more GTM resources and the industry tailwinds for TLS certificate management. However, the firm does retain concerns on the TAM for certificate management, the synergies with Conjur, and potential competition with ServiceNow (NOW), public cloud vendors, and others.