Stifel Upgrades CrowdStrike Holdings (CRWD) to Buy Following Proprietary Survey
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Stifel analyst Brad Reback upgraded CrowdStrike Holdings (NASDAQ: CRWD) from Hold to Buy with a price target of $300.00 (from $240.00).
The analyst comments "CrowdStrike Is Only Scratching the Surface of Its Customer Acquisition Opportunity: In F1Q22, CrowdStrike’s subscription customer count surpassed 10,000, increasing 82.4% y/y and 15.4% q/ q to 11,420. While CrowdStrike’s subscription customer count has nearly tripled over the last 8 quarters, we continue to believe that CrowdStrike’s opportunity to source ARR growth from new customer acquisition remains very early days when considering the degree to which legacy endpoint security providers scaled their respective customer counts over time. For reference, we believe that Symantec’s Enterprise customer count exceeded 100,000 at the time of its acquisition by Broadcom. Further, we also believe that McAfee’s Enterprise customer count is currently in the neighborhood of 50,000, despite the degree to which its percentage share of the endpoint security market has eroded over the last several years. That said, we are confident that CrowdStrike can scale its subscription customer count to similar levels (50,000-100,000+) over time."
Shares of CrowdStrike Holdings closed at $244.91 yesterday.
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