Varonis price target lowered to $50 from $60 at Jefferies

Jefferies analyst Joseph Gallo lowered the firm’s price target on Varonis (VRNS) to $50 from $60 and keeps a Neutral rating on the shares. The firm expects software stocks will have a “slower start out of the gate” in 2025 as investors recalibrate and adjust to the changes implemented by the new administration. Material artificial intelligence benefits unlikely to come until late in 2025, the analyst tells investors in a research note. However, Jefferies believes cybersecurity “should prove more resilient” in the first half of 2025 based on strong fundamentals but will lag any material broader AI driven software market rebound. The firm names CyberArk (CYBR) its top pick.