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CyberArk and Fortinet Stocks Rally as Analysts See Growth in Security Spending


Analysts say cyber-security stocks’ gains can continue.
Dreamstime
Security stocks had a huge run in 2020, with an extra boost from the end-of-the-year revelation of the “Sunburst” hack attack on software company SolarWinds that left almost 18,000 of their customers vulnerable.
Analysts see further gains ahead in 2021, as the attack drives some companies to prioritize spending on detection, preventing and addressing cyber-security issues. Wall Street has been ratcheting up its estimates, stock ratings and price targets in response. On Tuesday, two more analysts joined the bullish chorus.
D.A. Davidson analyst Andrew Nowinski on Tuesday upgraded both
Fortinet
(FTNT) to Buy from Neutral. He raised his share-price targets to $180 from $100 on CyberArk, and to $170 from $130 on Fortinet.

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