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Canaccord Genuity analysts upgraded SentinelOne (NYSE:S) rating to Buy from Hold, while lowering the price target on the stock to $23 from $28. The analysts vi

SentinelOne Earns an Upgrade at Canaccord Genuity

- (Last modified: Jun 5, 2024 3:55 AM)

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Canaccord Genuity analysts upgraded SentinelOne (NYSE:S) rating to Buy from Hold, while lowering the price target on the stock to $23 from $28.

The analysts view SentinelOne as a long-term winner in the cybersecurity space, thanks to its positioning as a data-driven security platform with strong roots in Endpoint Security and a solid mid-market Enterprise presence.

The company's superior autonomous AI engine, unified back-end, and advanced data analytics capabilities enable it to enhance detection, prevention, and remediation outcomes.

The analysts believe that increased automation with minimal human intervention provides a clear advantage against modern adversaries, particularly as global enterprises face resource constraints.

Despite lowering the price target to reflect a valuation of approximately 7x EV/sales based on updated fiscal 2026 estimates, the firm’s upgrade is driven by the recent pullback in the stock and SentinelOne's improved execution over the past few quarters.

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