Crowdstrike price target lowered to $300 from $400 at Jefferies

Jefferies lowered the firm’s price target on Crowdstrike (CRWD) to $300 from $400 and keeps a Buy rating on the shares. The firm is “thinking through a floor” for the shares after CNBC reported Delta (DAL) hired lawyers to sue Crowdstrike and Microsoft (MSFT) for IT outage damages. The analyst does not expect Crowdstrike to have to reimburse customers for the outage, but says the litigation cost and distraction “will certainly weigh” on the shares. While the firm’s checks have indicated little churn, it reduced annual recurring revenue estimates by 1% in fiscal 2025 and 2026. Jefferies believes Crowdstrike shares should find support at $200.