0155 GMT - GMO Internet Group's valuation fails to fully reflect the long-term growth opportunity from cybersecurity demand and the company's growing exposure to national security-related projects, Jefferies's Hiroko Sato says in a note. Cybersecurity demand remains a structural growth driver, the analyst says. 2H earnings should also be supported by the recognition of delayed sales in its internet security business and ongoing margin improvement initiatives, she says. Although earnings visibility remains lower than peers due to the absence of company-wide guidance and continued weakness in cryptoassets, Jefferies believes these factors are more than priced in at current levels. The U.S. bank has a buy rating and a target price of 5,000 yen on the stock. Shares are 1.0% lower at Y3,939.