Cowen initiations favor cloud security stocks – Proofpoint, Inc. (NASDAQ:PFPT)
Cowen initiates a slate of cybersecurity stocks on the belief that the share of security budgets dedicated to cloud-based solutions will more than double in the next two years.
Rapid7 (RPD -2.4%) is the firm's top pick with an Outperform rating and $63 PT, followed closely by Zscaler (ZS -2.7%) with an $85 PT and Proofpoint (PFPT -2.1%) at $140.
Other Outperform starts: Mimecast (MIME -2.3%), $60; Qualys (QLYS +0.2%), $100; Tenable (TENB -1.4%), $36; Zix (ZIXI +0.4%), $11.
Market Perform starts: Carbon Black (CBLK -2.7%), $18; Check Point (CHKP -4.3%), $120; Fortinet (FTNT -4.5%), $120; Palo Alto Networks (PANW -4.5%), $230; Symantec (SYMC -1.9%), $22.
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