Morgan Stanley downgraded Varonis (VRNS) to Equal Weight from Overweight with a price target of $41, down from $44. The firm sees an “increasingly competitive” data security market for Varonis, particularly from Microsoft (MSFT). As such, Varonis shares lack catalysts for a sustainable positive re-rating in the near term, the analyst tells investors in a research note. Morgan Stanley wants to see more evidence of traction for Varonis’ selling its broader platform before again recommending the shares.
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