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When it comes to potential cyberattacks, investors are being advised to fortify their portfolios with cybersecurity stocks, according to the latest findings from Morgan Stanley. The influential investment firm is the most recent in a sequence of banking giants to underscore the swelling need for robust cybersecurity measures in the face of escalating security threats in 2024. A squad of analysts spearheaded by Hamza Fodderwala has upped the ante by revising their price targets on a cohort of cybersecurity stocks, heralding the imminent benefits destined for the sector.
Palo Alto Networks (NASDAQ:PANW) emerges triumphant as the top choice amidst the recommendations, closely tailed by Fortinet (NASDAQ:FTNT), Tenable (NASDAQ:TENB), and CrowdStrike (NASDAQ:CRWD). Notably, the firm has recently elevated CrowdStrike and CyberArk (CYBR) to loftier positions.
The recent standout moves by Morgan Stanley include a number of targeted adjustments:
- 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 saw a dazzling 70% surge throughout the last year, but Morgan Stanley remains resolute in their conviction that the sector still has ample room to gallop in 2024, citing recent checks and survey data that corroborate the augmenting demand. In response to Morgan Stanley’s public endorsement, Palo Alto witnessed a staunch 4% ascent on Wednesday. Fortinet and CrowdStrike were not far behind, each tacking on over 2%, while Tenable also experienced a 0.5% rise.
Deep Dive into the Cybersecurity Sphere
