11:32 AM EDT, 03/15/2024 (MT Newswires) -- CyberArk Software's ( CYBR ) 2024 guidance for earnings at $1.73 a share on revenue of $925 million is likely conservative, BofA Securities said Friday in a report.

BofA forecasts CyberArk to post EPS of $1.92 on revenue of $939.1 million in 2024, topping the consensus of EPS of $1.75 on revenue of $926.5 million.

"We expect significant upward revisions to estimates, which should prompt the stock to positively rerate," BofA said.

The company's transition to a subscription-based model and expansion of its platform outside of core identity "should support continued growth," BofA said.

BofA called CyberArk an "underappreciated" cybersecurity company that is the "clear leader" in privileged access management, which the firm said continues to be a critical security market.

BofA lifted its price objective on CyberArk stock to $315 from $300 and maintained its buy rating.

CyberArk shares fell 1.6% in recent trading Friday.

Price: 254.94, Change: -4.21, Percent Change: -1.62