SentinelOne price target lowered to $20 from $25 at BTIG

BTIG analyst Gray Powell lowered the firm’s price target on SentinelOne (S) to $20 from $25 and keeps a Buy rating on the shares. The company reported a 2% miss in annualized recurring revenue and highlighted some "conservative initial insights" heading into FY24, but the market had likely feared a bigger ARR miss and a weaker outlook, the analyst tells investors in a research note. Powell further notes that the revised outlook is likely due entirely to a weak economic environment, and he believes that investor concerns over increased competition from Microsoft (MSFT) are "overstated".