Truist starts CyberArk at Buy, sees durable growth going forward

Truist initiated coverage of CyberArk with a Buy rating and $185 price target. The company’s transition to a subscription-based model has resulted in strong visibility and durability of its business as well as higher customer lifetime value, the analyst tells investors in a research note. Truist adds that it is positive on CyberArk’s ability to manage all identity types in a variety of deployment environments, increasing number of use cases, technology innovation, and high recurring revenue, positioning the company strongly for durable growth going forward.