Varonis price target raised to $45 from $35 at Citi

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.