SentinelOne price target raised to $25 from $18 at Scotiabank

Scotiabank analyst Patrick Colville raised the firm’s price target on SentinelOne (S) to $25 from $18 and keeps a Sector Perform rating on the shares. While new annual recurring revenue fell year-over-year in Q2, management believes the CrowdStrike (CRWD) outage is a net positive for the company since more customers and partners are considering the company in more deals and win rates are improving, the analyst tells investors. However, CrowdStrike customers have no pressure to act, and the company is barely adjusting its top-line guidance. Overall, the firm is waiting for data in its checks on whether the company can more fully capitalize on the CrowdStrike outage.