CrowdStrike Holdings (CRWD) PT Raised to $425 at Citi, 'A Real Crowd Pleaser'

Citi analyst Fatima Boolani raised the price target on CrowdStrike Holdings (NASDAQ: CRWD) to $425.00 (from $320.00) while maintaining a Buy rating.

The analyst comments "In its seasonally strong F4Q, CRWD reversed the CY23-trend of skinny ARR beats, handily crushing top/bottomline metrics (and with it, investor jitters), where elite execution against a broadened portfolio – demonstrably usurping distinct cyber + IT budgets – cements our conviction on durable, long-tailed growth-at-bats, and ultimately CRWD’s glidepath to highly-profitable $10B ARR thresholds. There is little to complain about in results, with the only meaningful discussion around valuation, where we argue the scarcity value of ~30%/~40% ARR/FCF CAGRs at respective >$3B and ~$1B scales (+ best-in-class execution) merits a sustainable premium. Considered with numerous still-scaling GTM avenues, new module penetration, public sector upside, and a tangible GenAI story – all against a growing renewal cycle/base, we still see steady #s upside, which alongside an impending index-inclusion catalyst compels us to reaffirm our Buy and raise TP to $425 on higher CitiE and terminal multiples."

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