Jefferies raised the firm’s price target on SentinelOne (S) to $17 from $15.50 and keeps a Hold rating on the shares ahead of the company’s earnings report due on August 31. The firm’s assumption of an 8% quarter-over-quarter decline in net new ARR leads it to estimate $601M of total ARR, or 44% year-over-year growth, versus 75% last quarter, the analyst tells investors in a preview note. The firm notes that it has been reported by Reuters that SentinelOne had hired bankers to explore a potential sale and views a sale as “logical” given that SentinelOne “remains a premium technology asset with most difficulties it has faced being driven by competition” from Microsoft (MSFT) and Crowdstrike (CRWD).
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