UPDATE: CrowdStrike Holdings (CRWD) PT Lowered to $250 but Piper Sandler Remains Bullish
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Piper Sandler analyst Ron Owens lowered the price target on CrowdStrike Holdings (NASDAQ: CRWD) to $250.00 (from $300.00) while maintaining a Overweight rating.
The analyst stated "Our revised target is predicated on a lower 40x terminal EV / FCF multiple (50x previously), to reflect the compression in high multiple stocks. We remain favorable on CRWD's positioning within the endpoint space, with the broadening security platform commanding increased wallet share from customers as they grow their footprint with both traditional endpoints and in the cloud. Additionally, we believe that there remains a large opportunity for legacy and next-gen displacement, with organizations clearly seeking the best of breed platforms amid a rapid increase in cyber threats. With shares down -3% in 2021 despite improving fundamentals and setup into the coming year, we believe investors should be opportunistic at current levels."
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