2023-05-25 08:42:30 ET
SentinelOne ( NYSE: S ) shares rose more than 3.5% in pre-market trading as Raymond James started coverage on the cybersecurity company with a strong buy rating.
Analyst Adam Tindle, who also put a per-share price target of $25 on SentinelOne ( S ), noting the company is seeing an "S curve" inflection in its core market.
"Our checks indicate customers are increasingly seeking a 'best-of-platform' approach to security as opposed to a “best of breed” for each use case," Tindle wrote in an investor note, adding that the company's platform has expanded into various security needs like cloud, its AI-powered Singularity XDR Platform, security information and event management and identity access management.
Tindle explained that he believes SentinelOne ( S ) likely has less than 1% of the $100B total addressable market and its customer base, which currently totals 10,000, is in its "infancy."
In March, SentinelOne ( S ) reported better than expected fourth-quarter results with revenue growth of 92% year-over-year.
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SentinelOne rises as Raymond James starts coverage with strong buy