Varonis upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Andrew Nowinski upgraded Varonis (VRNS) to Overweight from Equal Weight with a price target of $70, up from $51. The firm believes Varonis is well positioned to benefit from the growing adoption of agentic artificial intelligence. This should drive the company’s revenue growth to significantly accelerate in fiscal 2026 and bring gross margin expansion, pushing the shares higher, the analyst tells investors in a research note. Wells says Varonis has a number of levers to accelerate annual recurring revenue growth.