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Varonis upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Varonis to Overweight from Neutral with a price target of $54, up from $50. The company has a “compelling valuation with improving fundamentals,” the analyst tells investors in a research note. The firm says the recent decline in shares presents an attractive setup into the back half of the year for Varonis “with several levers for upside.” Expectations remain reasonable, demand for data security is accelerating, and Varonis faces see multiple tailwinds including renewal catalysts in Q3 and Q4, improving fundamentals with transition execution, and traction from recently introduced MDDR, contends JPMorgan.

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