Deutsche Bank Downgrades CyberArk Software (CYBR) to Hold

Deutsche Bank downgraded CyberArk Software (NASDAQ: CYBR) from Buy to Hold with a price target of $45.00 (from $60.00) following the company's negative pre-announcement citing elongated sales cycles for large deals in Europe, namely in the UK.

Analyst Karl Keirstead said the debate will now center around: 1. whether this is a discrete/temporary sales issue or a reflection of broader market demand softness and 2. if there is a read-through to the overall Security sector.

"CYBR's results have been mixed/decelerating for several quarters, this is "one too many" for us and hence we're moving to a more conservative," the analyst added.

For 2018, the firm is lowering revs growth estimate to 15% ($290m) from 20% ($325m).

For an analyst ratings summary and ratings history on CyberArk Software click here. For more ratings news on CyberArk Software click here.

Shares of CyberArk Software closed at $51.00 yesterday.

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