Crowdstrike price target raised to $265 from $220 at Argus

Argus raised the firm’s price target on Crowdstrike to $265 from $220 and keeps a Buy rating on the shares after its Q3 earnings beat and guidance raise on Tuesday. The stock had been hit hard in the 2022 market and Tech sector selloffs but has made an extraordinary rebound in 2023, outperforming both the cybersecurity industry and the broad market, the analyst tells investors in a research note. Crowdstrike also has a strong opportunity to expand its business to the nearly 50% of companies that have not yet upgraded from traditional antivirus software, and to take advantage of the secular growth in cloud workloads, the firm added.