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SentinelOne Earns an Upgrade at Canaccord Genuity
Jun 4, 2024 9:57 PM - Davit Kirakosyan(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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