Are businesses gun-shy because of a looming recession, or did they just load up early on new cybersecurity services?
Peak cybersecurity demand has passed and investors need to get selective about their stock picks in the sector, as it remains to be seen whether a slowdown in spending is because businesses are gun-shy with a possible recession looming or if they just loaded up early on new services.
Morgan Stanley analyst Hamza Fodderwala said the sector is “bending but not breaking” going into 2023. Given recent hacks, information security will be the item least likely to be cut on a company’s capital expenditures budget. Even so, as companies seek to weatherize themselves against a possible recession, the pressure to keep expenses low is evident in the waves of layoffs that are hitting the tech sector.
Read: Salesforce ‘in the penalty box,’ while Workday sidestepping headwinds, analyst says of cloud software spacedown from peak growth levels,” he said. “As such, we expect security demandFodderwala downgraded Zscaler Inc. ZS , SentinelOne Inc. S and Tenable Holdings Ltd. TENB , all from overweight to equal weight. The analyst recommended leaning into his “Three Horsemen” of cybersecurity, with Palo Alto Networks Inc. PANW his top pick, followed by Fortinet Inc.
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