Crowdstrike price target raised to $380 from $315 at BMO Capital

BMO Capital raised the firm’s price target on Crowdstrike (CRWD) to $380 from $315 and keeps an Outperform rating on the shares. Crowdstrike’s results were “reasonable,” though net new annual recurring revenue upside and implied January quarter ARR likely fell slightly short of consensus expectations, the analyst tells investors in a research note. The ongoing headwinds from more customer commitment packages will likely move consensus ARR estimates lower for the next few quarters, but management continues to execute well, and the strength of Crowdstrike’s portfolio and customer packages should enable the company to realize ongoing security spend consolidation over time, BMO says.