Crowdstrike price target raised to $240 from $215 at Oppenheimer

Oppenheimer raised the firm’s price target on Crowdstrike to $240 from $215 and keeps an Outperform rating on the shares. The firm notes CrowdStrike reported a solid Q3, beating estimates behind 13% year-over-year NNARR growth and strong profitability gains. While bears will point to the muted Q4 NNARR and revenue outlook, Oppenheimer believes management is prudently incorporating a high degree of conservatism with regard to a Q4 budget flush. Overall, the firm remains positive and thinks the company is well-positioned to sustain its momentum in 2024 behind continued strength for its emerging modules, new displacement opportunities in SIEM and DLP, a new growth frontier with Falcon IT, and the release of Charlotte AI.