Jefferies Upgrades CrowdStrike Holdings (CRWD) to Buy, 'more ingrained with customers'

Jefferies analyst Joseph Gallo upgraded CrowdStrike Holdings (NASDAQ: CRWD) from Hold to Buy with a price target of $225.00 (from $170.00).

The analyst comments "We have always viewed CRWD as an industry leader in Endpoint but were cautious on the shape of 2023 ARR given macro headwinds and the implied re-accelerating net new ARR in 2H. Our recent field work/vastly improved survey results are indicative that CRWD can meet this ramp and few cyber names feel as well positioned to capture fed, vendor consolidation and cloud tailwinds as CRWD longer term. CRWD's continued hyper focus to move horizontally beyond endpoint & security as LogScale blurs the lines between cyber/ infrastructure, makes CRWD more ingrained with customers. CRWD's ROI as a broadening security platform should become more evident over time justifying a premium 11x EV/CY24E rev val. Our $225 PT is based on the median growth adjusted multiple for our high growth cohort."

For an analyst ratings summary and ratings history on CrowdStrike Holdings click here. For more ratings news on CrowdStrike Holdings click here.

Shares of CrowdStrike Holdings closed at $187.79 yesterday.

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