After it was announced yesterday that hackers connected to the Chinese government breached several Treasury Department workstations and accessed unclassified documents, Morgan Stanley notes that hackers gained access by overriding security controls from a third party provider, BeyondTrust, a “major competitor” to CyberArk (CYBR) in the Privileged Access Management space. CyberArk should benefit given BeyondTrust has nearly 20% share in the PAM market, while “more broadly” this event should keep security top of mind for the Federal government, says the analyst, who has an Equal Weight rating and $316 price target on CyberArk shares.
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Read More on CYBR:
- Treasury Department hacked by state-sponsored actor in China, NY Times reports
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- CyberArk price target raised to $370 from $355 at Baird
- CyberArk price target raised to $375 from $355 at JPMorgan
- CyberArk price target raised to $375 from $340 at Wolfe Research
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