Varonis downgraded to Neutral at Baird on lack of near-term drivers

As previously reported, Baird analyst Shrenik Kothari downgraded Varonis to Neutral from Outperform with an unchanged price target of $30. The firm believes the company’s transition to a SaaS model, which brings with it a lack of visibility, will weigh on its shares. With guidance resetting expectations and the stock having seen a "strong" 67% move off lows, the firm sees little upside in a "tough" 2023 in the absence of near-term drivers, adding that it believes "the current multiple for this show-me story is justified."