Crowdstrike price target raised to $255 from $215 at Evercore ISI

Evercore ISI raised the firm’s price target on Crowdstrike to $255 from $215 and keeps an Outperform rating on the shares. Expectations were high into the print, but Crowdstrike “did not disappoint by delivering yet another quarter of consistent execution with a top and bottom-line beat,” the analyst tells investors. Given the stock’s year-to-date performance, a smaller magnitude beat and “lackluster” Q4 guidance, the firm is “not shocked by the muted aftermarket reaction,” but the analyst says “very conservative” Q4 guidance, solid new net ARR growth, stable NRR, record pipelines into calendar 2024 and a continued focus on profitability plus growth give the firm “enough confidence to reiterate our L/T thesis.”