Needham & Company Starts IronNet Inc. (IRNT) at Buy
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Needham & Company analyst Mike Cikos initiates coverage on IronNet Inc. (NYSE: IRNT) with a Buy rating and a price target of $29.00.
The analyst comments "We believe IronNet is an early leader in Collective Defense which we view as a necessary strategy in leveling the playing field against cyber adversaries. Companies defending themselves on an individual basis are no match for malicious nation-states aimed at IP theft and ransomware. By sharing community members' anonymized threat intelligence, IronNet's customers benefit from earlier detection, improved visibility and shared resources. The anonymized data and insights also build a bridge between the public and private sectors - an elevated priority in the current threat environment and under the Biden administration. We think the company is in the nascent stages of addressing an estimated $25 Billion TAM with its behavioral-analytics NDR capabilities and Collective Defense platform. We initiate with a Buy rating and $29 TP."
Shares of IronNet Inc. closed at $25.76 yesterday.
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