As previously reported, Wells Fargo upgraded CyberArk to Overweight from Equal Weight with a price target of $250, up from $166. The firm believes the company is capitalizing on recent breach activity and the changing competitive dynamics. Wells thinks the stock is now poised to outperform the market going forward, as the recent breach activity and competitive landscape have changed in favor of CyberArk. Further, it believes CyberArk is one of the few companies that can maintain 40%-plus SaaS growth while expanding OM to mid-teens.
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Read More on CYBR:
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