FBN Securities Stock Recommendations and Price Targets

This is a list of recent ratings by FBN Securities.

Date	Company Name	Action	Current Price	Price Target	Rating
11/12/2025	TWLO Twilio	Upgrade	$125.00		Strong-Buy
10/28/2025	CFLT Confluent	Reiterated Rating	$23.00	$28.00	Outperform ➝ Outperform
10/28/2025	CFLT Confluent	Upgrade	$23.00		Strong-Buy
9/10/2025	RBRK Rubrik	Reiterated Rating	$70.00		Outperform ➝ Outperform
9/4/2025	GTLB GitLab	Upgrade	$38.00		Strong-Buy
6/11/2025	NOW ServiceNow	Upgrade	$838.00		Strong-Buy
6/4/2025	ASAN Asana	Upgrade	$14.00		Strong-Buy
5/30/2025	ZS Zscaler	Upgrade	$242.00		Strong-Buy
3/28/2025	SPOT Spotify Technology	Initiated Coverage	$561.00	$645.00	Sector Perform
3/28/2025	APP AppLovin	Initiated Coverage	$684.00	$385.00	Outperform
3/28/2025	DASH DoorDash	Initiated Coverage	$221.00	$230.00	Outperform
3/28/2025	ROKU Roku	Initiated Coverage	$95.00	$93.00	Outperform
3/28/2025	RBLX Roblox	Initiated Coverage	$95.00	$65.00	Sector Perform
3/28/2025	CART Maplebear	Initiated Coverage	$43.00	$44.00	Sector Perform
3/28/2025	WMG Warner Music Group	Initiated Coverage	$28.00	$35.00	Sector Perform
3/27/2025	NFLX Netflix	Initiated Coverage	$103.00	$116.50	Outperform
9/30/2024	RBRK Rubrik	Initiated Coverage	$70.00	$40.00	Outperform
8/29/2024	CRM Salesforce	Upgrade	$248.00		Strong-Buy
6/5/2024	CRWD CrowdStrike	Upgrade	$513.00		Strong-Buy
5/22/2024	FROG JFrog	Initiated Coverage	$62.00	$45.00	Outperform
3/20/2024	KVYO Klaviyo	Initiated Coverage	$30.00	$35.00	Outperform
10/25/2023	IOT Samsara	Initiated Coverage	$41.00	$30.00	Outperform
10/3/2023	ASAN Asana	Lower Price Target	$14.00	$28.00 ➝ $23.00
4/20/2023	FRSH Freshworks	Initiated Coverage	$13.00	$20.00	Outperform
2/13/2023	CHKP Check Point Software Technologies	Lower Price Target	$196.00	$155.00 ➝ $150.00
1/23/2023	GTLB GitLab	Initiated Coverage	$38.00	$60.00	Outperform
1/17/2023	CFLT Confluent	Initiated Coverage	$23.00	$30.00	Outperform