First Analysis analyst Howard Smith upgraded CyberArk to Strong Buy from Outperform with an unchanged price target of $154. The analyst believes that the negative reaction to the company's below-consensus outlook for FY20 earnings is overdone and creates an attractive entry point given its strong Q4 results and execution in an attractive demand environment and featured new logos. Smith adds that growth in Q4 was spread across verticals, as government, pharmaceutical, healthcare, IT services, and media segments grew by over 40%, further noting that the management's outlook was likely "conservative".