UPDATE: Oppenheimer Initiates Coverage On CyberArk Software Ltd On Bullish Stance

In a report published Monday, Oppenheimer analyst Shaul Eyal initiated coverage on

with an Outperform rating and $38.00 price target. In the report, Oppenheimer noted, “We initiate coverage of CYBR, a leading provider of privileged account management solutions, with an Outperform and $38 PT. Our bullish stance is driven by: 1) CYBR is a unique asset within the broader Identity and Access Management (IAM) space offering a comprehensive PAM platform rather than point solutions; 2) CYBR's market drivers such as the increase in compliance and regulation, enterprises' shift to cloud, mobility/BYOD should sustain revenue growth north of 20% over the coming years; 3) we believe the currently underpenetrated PAM market is seeing renewed momentum on the heels of events such as WikiLeaks, the Ed Snowden saga and recent network attacks; and 4) CYBR is a potential acquisition candidate.” CyberArk Software Ltd closed on Friday at $30.29.