Crowdstrike price target raised to $167 from $165 at BMO Capital

BMO Capital analyst Keith Bachman raised the firm’s price target on Crowdstrike to $167 from $165 and keeps an Outperform rating on the shares. The company’s Q2 results were “steady” with margin performance and net new annual recurring revenue, ARR, growth above expectations, the analyst tells investors in a research note. The firm still has concerns over Crowdstrike’s ability to accelerate net new ARR, but it is encouraged by increasing cloud security module traction and multi-module adoption, which suggests that the company continues to benefit from consolidation.