CyberArk will retain its strong position as an industry leader, and investors should buy its stock, according to JPMorgan.
Analyst Brian Essex still sees upside for the name, given increasing demand toward high priority cybersecurity spending.
CYBR YTD mountain CYBR YTD chart "CyberArk has underperformed our coverage universe YTD with recent pressure due in part to concerns over the company's operational exposure to Israel," he wrote.
Besides increased demand, Essex thinks CyberArk's growth outlook is exceedingly strong due to government traction and future deal wins.
The company's 40% year-over-year growth in the second quarter of 2023 was "best-in-class," and the analyst forecasts this strong revenue growth will continue going forward.
Persons:
Brian Essex, CyberArk, Essex, Michael Bloom
Organizations:
JPMorgan, CAC
Locations:
Israel, Essex