Rosenblatt notes that a recent breach at the Treasury Department involved the compromise of a digital key discovered by Beyond Trust, which is a competitor of CyberArk (CYBR). This incident “represents a potential opportunity for CYBR to replace Beyond Trust’s solutions within the US Treasury, other federal agencies and customers,” according to the analyst, who maintains a Buy rating on CyberArk shares.
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Read More on CYBR:
- CyberArk price target raised to $410 from $350 at Wells Fargo
- CyberArk a ‘major beneficiary’ of Treasury hack, says Morgan Stanley
- Treasury Department hacked by state-sponsored actor in China, NY Times reports
- CyberArk price target raised to $370 from $335 at Stifel
- CyberArk price target raised to $370 from $355 at Baird