Crowdstrike price target raised to $245 from $215 at Needham

Needham raised the firm’s price target on Crowdstrike to $245 from $215 and keeps a Buy rating on the shares ahead of its Q3 results tomorrow. The company is likely to deliver another strong quarter with a classic beat and raise print even as management keeps guidance conservative and macro remains constrained, the analyst tells investors in a research note. Needham further cites its strong field checks for Crowdstrike, along with new product momentum and strong progress in building out channel expansion across large VARs. The analyst also contends that CrowdStrike’s channel expansion will help deliver solid ARR growth and operating margin expansion for the company.