Cybersecurity stocks are a bright spot as Russia-Ukraine conflict prompts cyberattack fears
Summary
Cybersecurity stocks were a rare bright spot Thursday as Russias invasion of Ukraine sent major indices down. Signage outside Palo Alto Networks headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021. Amid the rising anxiety of war, shares of cybersecurity companies like Telos were up more than 13%, Palo Alto Networks up more than 10%, CrowdStrike up more than 8% and Mandiant up more than 6%. Wedbush Securities analyst Dan Ives wrote in a note on Tuesday that concerns of cyber attacks could add 200 to 300 base points of growth to the sector, which he said was already poised to increase 20% year-over-year in 2022. "With a significantly elevated level of cyber attacks now appearing on the horizon, we believe added growth tailwinds for the cyber security sector and well positioned vendors should be a focus sector for tech investors during this market turmoil," he wrote.