UPDATE: Barclays Downgrades SentinelOne Inc (S) to Equalweight
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Barclays analyst Kannan Venkateshwar downgraded SentinelOne Inc (NYSE: S) from Overweight to Equalweight with a price target of $37.00.
The analyst comments "We are downgrading SentinelOne (S) to Equal Weight from Overweight for three reasons: (1) fundamentally, we believe the corporate endpoint market remains big (~$10B growing ~12% CAGR), and given the share shift from legacy incumbents, we think the market can support multiple disruptors of size, as we saw in network security; (2) that said, we think it is worth comparing the trajectory between S and CRWD when it was at similar scale, and to remember that S faces more competition at this scale than CRWD did, which we see from CRWD’s continuing net new ARR share; (3) a key part of this call is positioning to own names with profitability to anchor valuation, and while S is making progress on narrowing losses, it is still 2+ years out based on our estimates. Our estimates and price target are unchanged at $37."
Shares of SentinelOne Inc closed at $40.46 yesterday.
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