UPDATE: Deutsche Bank Starts CrowdStrike Holdings (CRWD) at Buy
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Deutsche Bank analyst Patrick Colville initiates coverage on CrowdStrike Holdings (NASDAQ: CRWD) with a Buy rating and a price target of $265.00.
The analyst comments "We see CrowdStrike in the sweet spot for two important secular trends of this decade: the rising importance of cybersecurity and cloud adoption. We think investors are underappreciating the incremental dollars flowing into endpoint security, a TAM we peg at $35bn, with CrowdStrike currently only ~5% penetrated. We look for CrowdStrike to continue to land new logos, especially from Broadcom Symantec and McAfee, and cross-sell existing customer’s additional modules. CrowdStrike is already showing the underlying profitability of this business, and we see a clear path to >30% margins. In our view, CrowdStrike is likely to outperform expectations and we initiate with a Buy rating and a $265 price target."
Shares of CrowdStrike Holdings closed at $208.20 yesterday.
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