Crowdstrike price target lowered to $290 from $410 at BMO Capital

BMO Capital lowered the firm’s price target on Crowdstrike to $290 from $410 but keeps an Outperform rating on the shares. Following the outage, negotiations between the company and its customers have yet to begin, though the firm is proceeding to lower its estimates across the board, including reducing its FY25 net new annual recurring revenue forecast for Crowdstrike by $460M, the analyst tells investors in a research note. Crowdstrike is “bruised not broken” and warrants an Outperform rating, but given the meaningful risk and uncertainty of future estimates, investors should wait for revised FY25 guidance before moving more aggressively on the shares, the firm added.