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Fly News Breaks for January 9, 2020
SPLK, CRWD, FTNT, FSCT, PFPT, OKTA
Jan 9, 2020 | 06:15 EDT
Piper Sandler analyst Rob Owens expects 2020 to be "another strong year" for the Security Software sector saying favorable trends around the threat landscape, cloud, IT sprawl and compliance continue to buoy spend. His top picks for 2020 are Okta (OKTA), Proofpoint (PFPT), ForeScout (FSCT), Fortinet (FTNT) and Crowdstrike (CRWD). The analyst boosted his price target for Fortinet to $126 from $116 and for Overweight-rated Splunk (SPLK) to $190 from $160.
News For OKTA;PFPT;FSCT;FTNT;CRWD;SPLK From the Last 2 Days
OKTA
Dec 2, 2021 | 16:30 EDT
Get caught up quickly on the top news and calls moving stocks with these Top Fives, as compiled by the editors of The Fly. 1... To see the rest of the story go to thefly.com. See Story Here
OKTA
Dec 2, 2021 | 10:33 EDT
Check out today's top analyst calls from around Wall Street, compiled by The Fly. PIPER UPS OKTA... To see the rest of the story go to thefly.com. See Story Here
OKTA
Dec 2, 2021 | 12:06 EDT
Get caught up quickly on the top news and calls moving stocks with these Top Fives, as compiled by the editors of The Fly. 1... To see the rest of the story go to thefly.com. See Story Here
OKTA
Dec 2, 2021 | 10:04 EST
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Okta (OKTA) upgraded to Overweight from Neutral at Piper Sandler with analyst Rob Owens saying strength in last night's Q3 results drives confidence in the company's growth opportunity. 2. eBay (EBAY) upgraded to Buy from Neutral at UBS with analyst Kunal Madhukar thinking the Street is underestimating the company's potential from advertising, especially as it recently added three new ad units versus only promoted listings previously, including offsite ads "which will not be constrained by inventory." 3. Argenx (ARGX) upgraded to Buy from Hold at Kepler Cheuvreux with analyst Daan Vandenberk saying the company is on the brink of launching its first commercial product, the first-in-class FcRn inhibitor and potential blockbuster, efgartigimod. 4. Autoliv (ALV) upgraded to Outperform from Peer Perform at Wolfe Research with analyst Rod Lache saying Autoliv is among the best positioned auto suppliers for earnings upside in a production recovery given underlying cost savings. 5. Snowflake (SNOW) upgraded to Buy from Neutral at Citi with analyst Tyler Radke saying Snowflake's growth is at an "inflection point" following the "very strong" Q3 report. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CRWD
Dec 2, 2021 | 09:10 EST
DA Davidson analyst Rudy Kessinger lowered the firm's price target on Crowdstrike to $265 from $320 but keeps a Buy rating on the shares. The company reported a "solid" Q3 earnings beat as net new ARR growth accelerated and its pipeline is the strongest it has ever been, the analyst tells investors in a research note. Kessinger adds that record wins and displacements of SentinelOne in Q3 should "somewhat alleviate" recent concerns over increased competition, but his reduced price target on Crowdstrike reflects the recent market pullback and lower peer multiples.
SPLK
Dec 2, 2021 | 08:54 EST
RBC Capital analyst Matthew Hedberg lowered the firm's price target on Splunk to $190 from $210 but keeps an Outperform rating on the shares. The company's Q3 results were in-line with its pre-announcement as cloud ARR growth accelerated to 75% from 72%, the analyst tells investors in a research note. Hedberg is lowering his FY22 EPS view on Splunk to ($2.13) from ($1.92), but remains positive on the stock longer term given its "attractive" valuation.
CRWD
Dec 2, 2021 | 07:04 EST
Baird analyst Jonathan Ruykhaver lowered the firm's price target on Crowdstrike to $275 from $310 and keeps an Outperform rating on the shares. The analyst said management commentary was positive across the board; notably, the company called out an inflection in new product growth and emphasized that competitive position and value remain favorable versus. both legacy and next-gen vendors. Overall, he continues to see meaningful room for growth.
SPLK
Dec 2, 2021 | 06:53 EST
Deutsche Bank analyst Brad Zelnick lowered the firm's price target on Splunk to $140 from $155 and keeps a Hold rating on the shares. The company reported Q3 results broadly in line with its early preannouncement though bookings performance, particularly cloud bookings, "was impressive and ahead of our expectations," Zelnick tells investors in a research note. Despite these positives, the analyst believes the stock will be rangebound until a permanent CEO is in place and further clarification is had on the timing of a normalized model.