Citi analyst Fatima Boolani raised the firm’s price target on CrowdStrike (CRWD) to $420 from $400 and keeps a Buy rating on the shares. The firm also opened a “90-day negative catalyst watch on the shares.” The firm sees “more visible” net revenue retention compression than investors are bracing for given that fiscal Q4 is a large renewals period that likely sees a more pronounced impact from the July outage. CrowdStrike’s free cash flow variability and near-term volatility resulting from outage credits and more flexible payment terms are not being appropriately discounted in the stock, the analyst tells investors in a research note.
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