CrowdStrike Holdings (CRWD) PT Raised to $450 at Oppenheimer

Oppenheimer analyst Ittai Kidron raised the price target on CrowdStrike Holdings (NASDAQ: CRWD) to $450.00 (from $400.00) while maintaining a Outperform rating.

The analyst commented: "We expect CrowdStrike to beat 2QFY25 revenue guidance of $958.3-961.2M (+31.2% at the midpoint vs. +33.0% in 1QFY25) and consensus estimates of $960.7M. The company reported solid 1Q results, showcasing strong execution in its platform selling motion amidst a challenging spending backdrop. Deals including Cloud, ITDR, and LogScale doubled YoY in 1Q, and deals with 8+ modules grew +95% YoY, helping deliver NNARR growth of +22% YoY (vs. guidance of double-digit to low-teens YoY growth). Coupled with increasing traction for Falcon Flex and a record 2Q pipeline, we believe CrowdStrike can sustain its momentum and deliver upside to 2Q NNARR guidance, which again calls for double-digit to low-teens YoY growth. And while we acknowledge the strong share performance YTD (+48% vs. +6.8% for IGV) and a premium valuation creating elevated expectations, we believe the company can rely on its platform breadth and strong execution to deliver against a high bar. For the quarter, we are focused on NNARR growth, Cloud/Identity/LogScale ARR growth, OM/FCFM (21.6%/35.1% in 1Q)), and commentary around adoption for Charlotte, Falcon for IT, and Falcon Data Protection. Raising PT to $450 Maintain Outperform."

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