In a note released Friday, Barclys upgraded Varonis Systems VRNS from Equal-weight to Overweight and maintained a $42 price target.
Barclays analyst Raimo Lenschow believes Varonis is set up to post solid results this quarter, based on a conservative seasonal setup relative to the company's growth trajectory. Moreover, Lenschow believes this may set the stage for a "beat-and-raise" situation.
Lenschow concluded, "the recent pullback in high growth names has created a more compelling buying opportunity as the shares are now trading (~5x EV/CY15 Sales) which we believe is at a meaningful discount relative to Varonis' long-term growth opportunity."
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