CyberArk price target raised to $250 from $235 at Piper Sandler

Piper Sandler analyst Rob Owens raised the firm’s price target on CyberArk to $250 from $235 and keeps an Overweight rating on the shares. Looking ahead to 2024, security again remains the top spending priority, seeing higher spending intentions than prior years on the heels of major breaches/ransomware attacks in 2023 as well as increased breach disclosure requirements, the firm says. Further, Piper believes normalization of cloud spend with an underlying AI-workload kicker sets the group up well for 2024. CyberArk is one of the firm’s top five ideas.