SAIL - Palo Alto Networks CyberArk and Fortinet are on watch after strong channel checks on cyber security spending

Channel checks from Wedbush Securities on cyber security spending come back strong this morning as government agencies increase the focus on protecting data and infrastructure. "We believe federal cyber security spending is tracking to be up 20%-25% year over year for 2021 with consistent growth into 2022 as the Biden cyber security standards and recent high profile attacks (Colonial Pipeline, Solarwinds) are accelerating larger deals," notes analyst Dan Ives. Ives says the checks came back particularly strong for Tenable (NASDAQ:TENB), CyberArk (NASDAQ:CYBR) and Palo Alto Networks (NYSE:PANW) with momentum seen building heading into the end of the year. Wedbush also continues to like the potential for cyber security stocks Varonis (NASDAQ:VRNS), Fortinet (NASDAQ:FTNT), Zscaler (NASDAQ:ZS), Telos Corporation (NASDAQ:TLS) and Sailpoint Technologies Holdings (NYSE:SAIL). On the ratings front, PANW lands a higher price target of $600 after the bullish checks. The new PT reps 22% upside for shares. The firm's update

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Palo Alto Networks, CyberArk and Fortinet are on watch after strong channel checks on cyber security spending