Citi raised the firm’s price target on Varonis to $45 from $35 and keeps a Neutral rating on the shares. The analyst says field work of cyber decision-makers indicated slower budget growth. While the firm isn’t “outright dour” on cybersecurity the group, it thinks “this deservedly defensive budget (and stock) sub-segment” amid broader software spending is unlikely to see the upside budgetary and returns “beta” versus the sub-sector at-large.
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