, an analyst from Needham, has initiated a new Buy rating on Allot (ALLT).
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Needham & Company has given its Buy rating due to a combination of factors that highlight Allot’s strategic positioning and growth potential. The company’s focus on a security-first approach is gaining traction in the market, as evidenced by significant agreements with major Communication Service Providers like Verizon and Vodafone. These partnerships are expected to unlock substantial value, which the current market estimates may not fully reflect.
Furthermore, Allot’s innovative use of the network as a channel to enhance cybersecurity adoption sets it apart in the industry. The stock’s impressive performance, with a 58% increase year-to-date, is seen as justified, with further upside potential anticipated. The firm’s confidence is bolstered by opportunities to expand existing contracts, secure new deals, and enhance synergies between its networking and cybersecurity solutions.
In another report released on October 20, TD Cowen also initiated coverage with a Buy rating on the stock with a $13.00 price target.