Varonis price target raised to $60 from $55 at Truist

Truist analyst Joel Fishbein raised the firm’s price target on Varonis to $60 from $55 and keeps a Buy rating on the shares. The company reported “solid” Q2 results in a “stabilizing” macro environment and looks to be “positioned well” given its new Managed Data Detection & Response solution, the expansion of data from generative AI, and increasing regulation, the analyst tells investors in a research note. Varonis will likely see annual recurring revenue uplift, larger initial lands, and margin benefits as customers turn to its SaaS platform, the firm added.