Wedbush bullish on Crowdstrike, initiates with an Outperform

As previously reported, Wedbush analyst Taz Koujalgi initiated coverage of Crowdstrike with an Outperform rating and $135 price target. The analyst believes the company’s current installed base of about 20,000 customers gives it significant runway to add new customers as other larger security vendors have much higher customer counts. It also has significant runway to upsell to its installed base as the average number of modules per customer is relatively low, Koujalgi adds. The recent slowdown in momentum and guide down due to the macro environment is a concern, but the analyst believes the guide is conservative, and there is upside to numbers.