Qualys initiated with a Hold at Berenberg

Berenberg initiated coverage of Qualys (QLYS) with a Hold rating and $165 price target The firm launched coverage of the cybersecurity group, naming Okta, SailPoint, Rubrik and SentinelOne top picks. CrowdStrike “sits at the top of the revenue duration curve,” but the market is already pricing this into the shares, the analyst tells investors in a research note. Berenberg views both SentinelOne and Okta as “misunderstood stories where the market is mispricing their duration and awaiting better execution that should drive a re-rating.” SailPoint is shifting to a software-as-a-service model without a premium multiple while Rubrik has strong data-driven upsell momentum and is cleanest way to play the data explosion and artificial intelliotence theme, contends Berenberg.