ForgeRock jumps as cyber security firm attracts wave of "buy" ratings

ForgeRock

11/10/2021 15:09

** Shares of ID management firm ForgeRock Inc  FORG.N  up
~6% at $35 early Mon as multiple analysts at banks that worked
on co's IPO issue bullish reports after quiet period ends
    ** ForgeRock, backed by KKR  KKR.N , saw its shares on Sept
16 open at $35 vs $25 IPO price  urn:newsml:reuters.com:*:nL1N2QI1R3
    ** JP Morgan initiates coverage at "overweight" with $41 PT
    ** Identity and Access Management (IAM) has been the top
priority in cyber security over the last two years as cos look
to fend off ransomware and state-sponsored attacks, JPM says,
and believes FORG positioned to become "a strong #2" in space
behind Okta Inc  OKTA.O 
    ** Piper Sandler starts at "overweight with $38 PT, says
with differentiated positioning and growth centered around its
land-and-expand strategy and newer SaaS option, believes FORG
has "meaningful" opportunity to grow in a ~$71 bln TAM
    ** Other bullish ratings include Cowen at "outperform",
while BTIG, Mizuho and Truist start at "buy"
    ** Morgan Stanley starts at "equal-weight" and Deutsche
starts at "hold"

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))