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Stifel analyst Adam Borg raised the price target to $175 from $160, implying a 19.6% upside, and affirmed a Buy.
CyberArk delivered a robust Q2 print, as overall bookings accelerated along with the mix of subscription bookings coming in well above expectations as the model transition runs ahead of plan, Borg notes.
Borg believes the valuation is attractive and that shares can see multiple expansions as its transition unfolds.
Baird analyst Jonathan Ruykhaver raised the price target to $170 from $160, implying 16.2% upside, and maintained an Outperform.
Ruykhaver said the model has many moving parts with the transition and planned investments creating near-term noise, leading to a low degree of modeling confidence.
However, he believes ARR growth highlights solid underlying trends.
Wedbush analyst Daniel Ives raised the price target to $160 from $150, implying a 9.4% upside, and reiterated an Outperform.
The rating follows the company's "strong" Q2 results. ARR of 35% that handily beat expectations will "put fuel in the tank for the bulls, Ives said.
He thinks the company's subscription transition will accelerate cross-selling and up-selling opportunities.
Price Action: CYBR shares traded higher by 8.35% at $158.53 on the last check Friday.
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