Benzinga | Sep 29, 2021 07:18AM EDT

Why Jefferies Sees 2% Upside In IronNet?

* Jefferies analyst Joseph Gallo initiated coverage of IronNet Inc (NYSE:IRNT) with a Hold rating and $27 price target, implying a 2% upside.

* Gallo believes the company's "collective defense model is a differentiated approach" to network security-enhancing protection via sharing security telemetry.

* However, he finds IronNet's valuation priced at current share levels.

* Price Action: IRNT shares traded lower by 1.90% at $25.86 in the premarket session on the last check Wednesday.