Analyst Sees These Stocks Benefiting From Next Wave Of Cybersecurity Spending As Biden Calls Apple, Amazon CEOs For Summit

Wedbush analyst Daniel Ives said on Tuesday that President Joe Biden’s summit on cybersecurity is a step in the right direction and presents a major growth opportunity for vendors in the space.

The Analyst Take: Well-positioned cybersecurity vendors such as Fortinet Inc FTNT, Sailpoint Technologies Holdings Inc SAIL among others stand to benefit from the next wave of federal spending on cybersecurity. 

Besides Fortinet and Sailpoint, Crowdstrike Holdings Inc CRWD, Tenable Holdings Inc TENB, Cyberark Software Ltd CYBR, Varonis Systems Inc VRNS, Zscaler Inc ZS, and Palo Alto Networks Inc PANW are the vendors that Ives believes are well-positioned to leverage the gains.

The Wedbush analyst also sees "beltway players" Telos Corp. TLS and Palantir Technologies Inc. PLTR benefiting from Biden's push.

“We believe there is a $300 billion+ dollar growth opportunity in cloud security alone ‘up for grabs’ over the next few years for those vendors that have the solution sets to protect critical cloud deployments from growing threats/attacks,” Ives said.

According to Ives, currently, only 40% of workloads are on the cloud and that number is set to hit 70% by 2025.

See Also: Apple, Amazon, Microsoft CEOs Said To Be Attending Joe Biden's Cybersecurity Meeting

The Cybersecurity Summit: Amazon.com Inc AMZN CEO Andy Jassy is among key Big Tech executives who will meet Biden at a White House meeting on Wednesday to discuss efforts to boost the country’s critical defenses against cyber threats. 

Apple Inc AAPL CEO Tim Cook and Microsoft Corp’s MSFT Satya Nadella are also said to be attending the White House summit alongside other leaders from the industry.

Biden had in May signed an executive order on improving the nation’s cybersecurity aimed at strengthening the federal government’s ability to respond to and prevent cybersecurity threats. 

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Posted In: Analyst ColorLong IdeasNewsAnalyst RatingsTechTrading IdeasCybersecurityDan IvesJoe BidenWedbush
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