KeyBanc raised the firm’s price target on CyberArk (CYBR) to $400 from $355 and keeps an Overweight rating on the shares ahead of quarterly results. Following the firm’s Q4 IT VAR survey, KeyBanc is encouraged by a potentially strong Q4 budget flush benefiting its coverage broadly. Based on its checks, the firm is most positive on Q4 performance from Check Point (CHKP), further billings acceleration for Fortinet (FTNT), and continued strong momentum for CyberArk with potential upside from Venafi.
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