Wedbush senior tech analyst Dan Ives says cybersecurity spending will increase by 20% in 2021 as more companies ramp up protection following the SolarWinds hack that compromised state agencies and corporations including Microsoft.
Ives said he's very bullish on cybersecurity stocks given a "perfect storm of demand" in the field. He raised price targets for several cybersecurity stocks in a Sunday note. Names specifically in advanced threat detection, zero trust architecture, data security, and identity security will see a near-term surge of budget allocation based on the nature of the SolarWinds hack, said Ives. Story at BusinessInsider:
Here's how it works:
