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From: Julius Wong1/10/2024 9:40:50 PM
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Palo Alto on top at Morgan Stanley as world preps for more cyberattacks

Jan. 10, 2024 12:10 PM ET
By: Christiana Sciaudone, SA News Editor
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Investors may want to consider buying cybersecurity stocks, according to Morgan Stanley.

The storied investment firm is the latest bank to cite rising demand for cybersecurity to meet increasing in threats in 2024. Analysts led by Hamza Fodderwala raised the price targets on a battery of cybersecurity stocks as it expects the sector to benefit.

Palo Alto Networks (NASDAQ: PANW) remains its top pick, followed by Fortinet (NASDAQ: FTNT), Tenable (NASDAQ: TENB) and CrowdStrike (NASDAQ: CRWD). The firm upgraded CrowdStrike and CyberArk ( CYBR) earlier this week.

Morgan Stanley made the following price target updates:

  • Cloudflare ( NET) to $66 from $60
  • Qualys ( QLYS) to $150 from $137
  • Palo Alto ( PANW) to $375 from $304
  • Rapid7 ( RPD) to $60 from $55
  • Varonis Systems to $55 from $45
  • Zscaler ( ZS) to $195 from $180
  • Fortinet ( FTNT) to $77 from $60
  • SentinelOne ( S) to $27 from $25
  • Gen Digital ( GEN) to $28 from $26
The median security stock rose 70% last year, but Morgan Stanley sees room to run in 2024 as recent checks and survey data back up increasing demand.
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