JPMorgan upgraded Varonis to Neutral from Underweight with a price target of $35, up from $27. The analyst sees an easier setup into the back half of the year for the company and expects another quarter of transition progress ahead of schedule. Expectations for Varonis remain undemanding as key performance indicators have been decelerating going into the software-as-a-service transition, says the firm, which sees an accelerated timeline as a potentially positive catalyst this quarter.
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