Qualys initiated with a Sector Perform at Scotiabank following outperformance

As previously reported, Scotiabank initiated coverage of Qualys with a Sector Perform rating and $172 price target. Qualys has “a rock-solid reputation in vulnerability management,” but “the firm needs more than one string to its bow,” the analyst tells investors. The firm fails to see significant traction among the company’s newer products and although Qualys’ 2024 guidance looks achievable, “we don’t see it as a layup,” the analyst added. With the stock having outperformed year-over-year, the firm believes the shares are fairly valued.