SentinelOne price target raised to $29 from $25 at Needham

Needham raised the firm’s price target on SentinelOne (S) to $29 from $25 and keeps a Buy rating on the shares. The stock’s 19% gain since Crowdstrike (CRWD) outage has outperformed the firm’s Security coverage, which is up 5% since then, but the company is still trading at an attractive growth-adjusted discount, the analyst tells investors in a research note. Q2 checks saw the outage as a substantial positive for SentinelOne, especially heading into the second half of FY25 and FY26, where they expect re-accelerating new annual recurring revenue driven by a go-to-market refresh, Enterprise strength, and emerging product pipeline, the firm added.