Despite recent execution blunders, Morgan Stanley believes SentinelOne shares are now mispriced by Wall Street.
Despite recent execution blunders that have sent SentinelOne shares plunging by more than 35% over the past 12 months, Morgan Stanley thinks the market is now mispricing the cybersecurity company. Analyst Hamza Fodderwala upgraded shares to overweight from equal weight. He also increased his price target to $20 from $15, implying 37.4% upside from Friday's close.
Multiple executives have left the company over the past year, including its chief marketing officer and president. A toughening macro environment has also been a headwind to sales, said the bank. That said, Fodderwala thinks SentinelOne offers "a market-leading product and growing distribution channels" which could see more than 20% durable topline growth. He noted that the company currently only holds 3% market share.
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