In a series of new notes out this week, Wunderlich analyst Bill Choi updated his outlook on several top cybersecurity stocks. Here’s an overview of what he had to say about each.
Buy-Rated Stocks
Symantec Corporation SYMC 1.47%: Choi upgraded the stock from Hold to Buy and raised the firm’s price target from $23 to $30. He praised the company for its transition from a legacy security provider to a “next-gen security provider with updated solutions in enterprise, consumer, and now web/cloud security.”
Qualys Inc QLYS 1.42%: Choi upgraded the stock from Hold to Buy and raised Wunderlich’s price target from $31 to $34. He sees a path to sustainable core vulnerability management (VM) growth of greater than 20 percent. In addition, he believes “investors are underappreciating the fundamental evolution” of the company’s core business.
Proofpoint Inc PFPT 1.34%: Choi reiterated a Buy rating on the stock but upgraded his price target from $83 to $90. He praised the company’s focus on the human factor in cybersecurity, particularly email and social vulnerabilities. Choi expects Proofpoint “to outperform the overall cyber security market, given the existing opportunity to transition and upsell legacy McAfee customers.”
Neutral-Rated Cybersecurity Names
FireEye Inc FEYE 3.14%: Choi reiterated the firm’s Hold rating on FireEye, but upped his price target from $15 to $16. He sees a tough road ahead for the company, especially given the uncertainty surrounding a change of CEOs and the departure of the founder. For now, Choi projects “limited upside to FEYE shares at current levels given the expected headwinds the company faces during the impending period of transition and restructuring.”
Imperva Inc IMPV 0.32%: Choi reiterated…
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