With cyberattacks on the rise, keep an eye on stocks such as SentinelOne (S).

After bottoming out around $23, the stock is back up to $27.64 and could race even higher on security demand, and a bullish note from BTIG analysts, which just upgraded the S stock to a buy rating, with a $30 price target.

According to Cyber Security Drive, ”global spending on security and risk management is projected to reach $215 billion [in 2024], a 14% year-over-year increase from 2023, Gartner said. Security services, the industry’s largest segment spanning consulting, IT outsourcing, implementation, and hardware support, will account for 42% of all spending. The segment will rise 11% to $90 billion next year, according to Gartner. The next largest segments, infrastructure protection, and network security endpoint, are expected to capture $33.3 billion and $24.3 billion, respectively.”

Analysts at Bernstein also initiated coverage of S, with an outperform rating with a $34 price target. “SentinelOne is well-positioned vs. direct competition, and the firm doesn’t see a lot of startups or legacy players catching up, the analyst tells investors in a research note. The firm says there will still be a large non-hyper scaler or other platform ‘best-of-breed’” buyers, where SentinelOne is a likely winner,” as noted by TheFly.com.

SentinelOne last traded at $26.33 – up $1.50 on the day on a volume spike to 7.94 million shares, as compared to its daily average volume of 6.18 million.