Citi analyst Fatima Boolani lowered the firm’s price target on Crowdstrike (CRWD) to $345 from $425 and keeps a Buy rating on the shares. “While much of the outage-related hand-wringing has merit,” Citi is also “mindful that it categorically does not detract from CRWD’s solution efficacy.” The firm says that while fears of customer defection are valid, they likely to have practical limits as there are limited high-quality alternatives and flocking to Microsoft (MSFT) and Palo Alto Networks (PANW) equally increases “systemic” vendor risk. Citi’s valuation scenario analyses indicate a $170-$285 potential near-term floor for Crowdstrike shares.
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Read More on CRWD:
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- HSBC downgrades Crowdstrike on near-term risk from outage