Rosenblatt raised the firm’s price target on CrowdStrike (CRWD) to $515 from $450 and keeps a Buy rating on the shares ahead of the Q1 report on June 3. CrowdStrike is positioned for an :inline to marginally better quarter, fueled by the persistent IT consolidation trend,” the analyst tells investors in a research note. The firm says its increased target multiple on the shares is supported by the 31% expansion in cybersecurity sector multiples over the last two months, alongside its continued confidence in the company’s “strong execution and broad platform tailored to the key IT consolidation trend.”
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