TD Cowen analyst Shaul Eyal initiated coverage of Qualys with a Hold rating and $170 price target. Despite the company’s solid cash position and ability to generate industry-leading margins, Qualys has been “rapidly” losing market share and its revenue growth from new customers and subscription up-selling have developed below expectations, the analyst tells investors in a research note. The firm adds the company’s fiscal 2024 guidance signals deceleration due to competitive pressure.
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