Crowdstrike price target raised to $245 from $240 at KeyBanc

KeyBanc raised the firm’s price target on Crowdstrike to $245 from $240 and keeps an Overweight rating on the shares following a solid Q3 beat on ARR and profitability. The firm notes management reiterated the FY24 net new ARR guide of “in line to modestly up” despite the Q3 upside given a still challenging, if stable, macro backdrop and it is not expecting a typical Q4 budget flush. Management did, however, comment that the Q4 setup is strong with record pipeline.