Morgan Stanley upgraded Varonis Systems to Overweight from Equal Weight with a price target of $39, up from $34. The firm cites stabilizing demand and signs of a faster than expected software-as-a-service transition for the upgrade. A “bull case” could see the stock double from here as Varonis’ data security platform becomes a key enabler of generative artificial intelligence adoption within the enterprise, the analyst tells investors in a research note. Morgan calls Varonis a top SMID cap security idea.
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