In a report released today, Shaul Eyal from TD Cowen reiterated a Buy rating on Varonis Systems, with a price target of $62.00.
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Shaul Eyal’s rating is based on Varonis Systems’ strategic acquisition of SlashNext, which marks its entry into the rapidly growing email security market valued at $5.2 billion. This acquisition enhances Varonis’ platform by integrating advanced phishing and social engineering attack detection capabilities, thereby expanding its threat detection and response offerings.
Additionally, despite some anticipated expense headwinds due to the acquisition, the company’s revenue and free cash flow projections remain stable. Eyal maintains a positive outlook on Varonis’ performance, supported by strong trends observed in the third quarter and a reiterated price target of $62, reflecting confidence in the company’s growth potential and market positioning.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $66.00 price target.