CyberArk Software's (CYBR) 'attractive financial profile justifies premium valuation' - BofA

May 25, 2023 2:07 PM EDT
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Price: $149.22 +0.03%

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    33 Buy, 7 Hold, 0 Sell

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BofA analyst Tal Liani raised CyberArk Software's (NASDAQ: CYBR) price target to $187 from $175, maintaining a Buy rating on the stock in a note to clients Thursday.

The firm attended CyberArk's user conference and analyst day and stated that the company announced its new Secure Web Browser product, further expansion into broader Identity Security, and multiple innovations across the existing product portfolio.

In addition, Liani said that in the analyst sessions, the company provided updated FY25/FY27 long-term targets above Street expectations, supported by industry tailwinds and platform efficiencies.

"We came away incrementally positive on CyberArk and believe innovations coupled with positive customer feedback and new areas for growth support a favorable outlook," wrote Liani.

The analyst also said CyberArk is positioned favorably in a resilient cybersecurity market, its long-term targets highlight the sustainability of the business, and its "attractive financial profile justifies its premium valuation."

CyberArk shares have gained over 1% so far in Thursday's session.

By Sam Boughedda

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Tal Liani