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In a note Wednesday, Wells Fargo analysts maintained an Overweight rating on “signature pick” CRWD, stating the company’s new long-term targets are modestly above expectations.
“Shares of CRWD traded down modestly, though we believe the new financial targets management provided were slightly ahead of expectations, while the $10B ARR target appears very conservative (23% CAGR over next 6 years vs TAM of 22%),” they wrote.
BofA analysts said Buy-rated CRWD’s event was positive and focused on total addressable market (TAM) growth and innovation.
“We recently attended CrowdStrike’s investor briefing, which was positive overall and focused on the TAM opportunity beyond core EDR, growth potential down-market, and management provided new long-term financial targets,” they said. “CrowdStrike now sees a path to $10bn in total ARR over the next 5-7 years, vs. current $2.9b, through continued expansion at existing customers and growth of new modules.”
Truist analysts said their firm continues to be impressed with the company’s pace of innovation and believes it is set up well to benefit from continued tailwinds of digital transformation, increasing cloud adoption, and a heightened threat environment. They raised the CRWD price target to $200 from $175, maintaining a Buy rating on the stock.
They added that “the company is transforming from being just an endpoint player into a platform provider for an enterprise’s security needs.”
Finally, Guggenheim analysts believe the event underscored “CrowdStrike as one of the most innovative technology companies in the Software space.”
They reiterated a Buy rating and raised the firm’s price target on the stock to $191 from $175 based on the assumption that “CrowdStrike will grow faster for longer and attain greater scale and cash flow in the out years of our model.”
