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Cybersecurity stocks will see further acceleration in 2021 as more companies ramp up protection following the SolarWinds hack, says Wedbush
Cybersecurity stocks will see further acceleration in 2021 as more companies ramp up protection following the SolarWinds hack, says Wedbush
Emily GraffeoDec 22, 2020, 03:36 IST
Symbol photo on the subject of Touch IDThomas Trutschel/Photothek via Getty Images
Wedbush senior tech analyst
Dan Ives says
SolarWinds hack that compromised state agencies and corporations including Microsoft.
Ives
said he s very bullish on cybersecurity
stocks given a perfect storm of demand in the field. He raised price targets for several
cybersecurity stocks in a Sunday note.
Cybersecurity Stocks Extend Advance on Bets for Robust Demand
Bloomberg 12/21/2020 Ryan Vlastelica
(Bloomberg) Cybersecurity companies mostly rose on Monday, outperforming the broader market as a sprawling, recent cyber attack was seen as underlining the need for online protection services.
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The breach is likely to lead to elevated spending on security, analysts wrote, suggesting a powerful and long-term demand tailwind for the sector.
The hack “may be the tipping point that helps drive changes in governmental policies, compliance, and business responses, elevating cybersecurity to a societal level risk,” wrote Jonathan Ho, an analyst at William Blair. “This could result in increased investment levels as government funding, compliance measures, and security investments become a larger focal point over a longer time.”
FT Portfolios Canada Co. Announces Proposals to Change the Investment Objectives of Certain Funds
TORONTO, Dec. 18, 2020 FT Portfolios Canada Co. (the “
Manager”), the manager of First Trust AlphaDEX™ U.S. Utilities Sector Index ETF, First Trust AlphaDEX™ U.S. Consumer Staples Sector Index ETF, First Trust AlphaDEX™ U.S. Consumer Discretionary Sector Index ETF, First Trust AlphaDEX™ U.S. Materials Sector Index ETF, First Trust AlphaDEX™ U.S. Energy Sector Index ETF, First Trust AlphaDEX™ U.S. Financial Sector Index ETF and First Trust Dorsey Wright U.S. Sector Rotation Index ETF (CAD-Hedged) (collectively, the “
Funds”) is pleased to announce that the board of directors of the Manager has approved a proposal to change the investment objectives of each of the Funds as set out below (the “