Raymond James starts Crowdstrike at Outperform on recurring revenue

Raymond James initiated coverage of Crowdstrike with an Outperform rating and $330 price target. The company’s key metric of net new annual recurring revenue should accelerate alongside stabilization in the device end market as 2024 progresses, the analyst tells investors in a research note. The firm sees a “long runway” for Crowdstrike’s new customer acquisition and believes this “durable growth” is likely to be executed within the framework of a “sound and proven business model.”