DA Davidson analysts reaffirmed a Neutral rating and a $130 price target on Qualys (NASDAQ:QLYS) following a series of investor meetings with company leadership. The discussions provided deeper insights into Qualys’ evolving strategy, particularly its focus on the new Enterprise TruRisk Management (ETM) platform.
The ETM platform is positioned to unlock substantial cross-sell and upsell opportunities by expanding beyond traditional vulnerability management. Its framework allows for smoother customer transitions without necessarily displacing existing vulnerability management competitors, which may reduce deal friction and create a more seamless sales process.
Early traction and pipeline development for ETM appear promising, signaling potential for long-term growth. However, analysts believe that any meaningful acceleration in revenue growth is more likely to materialize in fiscal year 2026 rather than 2025. While the strategy has laid a solid foundation for future expansion, investors may need to remain patient as the company works towards broader adoption and market penetration.