Research firm Susquehanna started coverage of several names in the cybersecurity sector today. The firm initiated coverage of Imperva (IMPV), Proofpoint (PFPT) and Check Point (CHKP) with Positive ratings. It also started coverage of a number of others - including FireEye (FEYE) and Fortinet (FTNT) - with Neutral ratings.

IMPERVA: The company's recurring subscription revenue is growing quickly, driven by strong demand for its cloud-based Web Application Firewall, according to Susquehanna analyst Anne Meisner. As a result, Imperva's financial results have become more predictable, which should boost its valuation, stated the analyst, who set a $60 price target on the shares.

PROOFPOINT: Nearly 100% of the company's revenue is recurring, and its revenue is growing quickly, driven by the need for infrastructure replacements as e-mail accounts are moved to the cloud, according to Meisner. Moreover, the company should be able to sell its newer products to existing customers and continue to make deals with enterprises that had been using McAfee products, she stated. The analyst set a $106 price target on the stock.

CHECK POINT: The company has shown "considerable stability and financial discipline relative to other cybersecurity vendors," according to Meisner. The launch of its software blade architecture strategy is causing its growth to accelerate and moving more of its revenue into the recurring column, the analyst stated. Meanwhile, its newer products "have been selling well" and its resellers have become more upbeat, added Meisner, who set a $132 price target on the name.

FIREEYE: The company's bottoming financial results and new core architecture should improve its competitive positioning, wrote Meisner. Although the company is on the right track, its stock may be volatile going forward, wrote the analyst, who said she would wait to see how its new products fare before becoming more optimistic on its outlook. She set a $17 price target on the shares.

FORTINET: The company has "significant technology differentiation" that has enabled its main product to perform extremely well, Meisner wrote. Additionally, it seems to have been able to obtain a greater proportion of higher margin recurring revenue, according to the analyst. However, she calls the stock's valuation "reasonable" and will await more evidence of margin improvements before becoming more upbeat on the stock. She set a $45 price target on the shares.

OTHERS: Meisner also initiated Palo Alto Networks (PANW), Symantec (SYMC), Rapid7 (RPD) and Qualys (QLYS), all with Neutral ratings.

PRICE ACTION: In morning trading, Imperva rose 1% to $51.30, Proofpoint advanced 3% to $93.87, Check Point added 0.75% to $114.57, FireEye fell 1% to $15.64, and Fortinet was flat at $39.10 per share.