UPDATE: Goldman Sachs Downgrades CyberArk Software (CYBR) to Neutral on Valuation
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(Updated - August 15, 2016 8:26 AM EDT)
Goldman Sachs downgraded CyberArk Software (NASDAQ: CYBR) from Buy to Neutral with a price target of $58 (unchanged). Analyst Gabriela Borges said there was no change to the fundamental story, and he tied the downgrade to valuation.
"We downgrade CyberArk to Neutral from Buy with 10% upside to our 12month price target of $58 (unchanged). There is no change to our fundamental view: we continue to see significant runway for the company to expand with privileged access and complementary technologies at new and existing customers, as well as the potential for M&A. However, with the stock trading at 23X 2017E FCF, we believe the medium-term growth story is well understood and we see more opportunities in other Security stocks over the next 12 months," said Borges.
Shares of CyberArk Software closed at $52.95 yesterday.
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