Bank of America sees more room to run for CyberArk shares after a strong earnings report. Analyst Madeline Brooks hiked her price target by $20 to $335, which now suggests 27.1% upside from Thursday's close. Brooks also maintained her buy rating on the cybersecurity stock. As "a diamond in the rough, CyberArk keeps shining bright," Brooks told clients in a Thursday note.
Many companies continue to see softening demand trends and stagnating new customer growth," she said. However, "CyberArk reported improving sales cycles, record net new , and healthy new logo growth, a testament to the durability of underlying growth drivers." CYBR CRWD YTD mountain CyberArk vs. CrowdStrike, year to date CyberArk has also gained attention in the wake of the global IT outage sparked by CrowdStrike .
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