Cybersecurity stocks hit record highs, and one analyst target lasted a morning
CrowdStrike and Palo Alto Networks hit record highs on Monday. Each rose more than 5%, after a week in which the Black Hat conference in Las Vegas turned into an argument about AI agents.
CNBC’s Samantha Subin reported the move. CrowdStrike gained 11.32 points, or 5.28%. Palo Alto added 17.84 points, or 4.90%, and traded at $381.70 in the afternoon.
The rest of the sector followed. Tenable and Rubrik rose more than 7%. Netskope and Zscaler each gained about 5%.
A price target overtaken the same day
BTIG lifted its price target on Palo Alto to $380 on Monday. The firm called that about 4% upside from Friday’s close.
The stock passed it within hours. Palo Alto changed hands at $381.70 that afternoon, above a target raised the same morning. Buyers are repricing this sector faster than the analysts who cover it.
CrowdStrike’s target went to $237, which BTIG...
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