Jefferies analyst Joseph Gallo downgraded Varonis to Hold from Buy with a price target of $26, down from $30. Macro headwinds will have "outsized impacts" on cyber point solutions in 2023 and Varonis is embarking on a 4-6 year software-as-a-service model transition which raises the risk of volatility in the near term, Gallo tells investors in a research note. The analyst sees less upside to estimates in a "tough" 2023 for most enterprise software vendors and believes Varonis’s valuation is justified "for this show me story."
Published first on TheFly
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