Crowdstrike price target raised to $203 from $187 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Crowdstrike to $203 from $187 and keeps an Equal Weight rating on the shares. Customers are consolidating on the broader platform and the company’s key metric, Net New ARR, was above consensus and accelerated to 10% year-over-year growth excluding M&A in Q3, the analyst tells investors. While “perhaps not entirely clean,” Q3 results were “overall solid and the longer term thesis remains intact,” but given the greater than 30% run-up into the print, the firm thinks the stock is reflecting much of the upside already.