Credit Suisse analyst Brad Zelnick lowered his price target for Crowdstrike Holdings to $60 from $75 while keeping a Neutral rating on the shares. The company reported a strong Q3 and FY20 guidance was raised beyond the beat, reflecting continued momentum in the business, Zelnick tells investors in a research note to investors. The analyst says he believes security is increasingly a data play and CrowdStrike's cloud native approach to endpoint security combined with vast telemetry data is ideally suited to addressing security threats from emerging attack vectors.

KeyBanc analyst Eric Heath lowered the firm's price target on Crowdstrike to $376 from $430 on lower peer multiples, while keeping an Overweight rating on the shares. The firm says that at some point, the case for optimism needs to be backed up by some optimistic data, and its 1Q24 VAR Survey did not deliver it. IT budgets are still in hiding at this point, with just 50% of KeyBanc's respondents meeting or exceeding their goal in the Q1, the lowest quarterly reading since the heart of the pandemic, and sentiment from the follow-up calls with some individuals also has down ticked. The firm's Q4 2023 VAR survey was iffy, the outlook in 2024 from its CIO survey in January was also not great, its SMB survey was worse than expected, and now 2024 is off to a difficult start - "let's just call a trend a trend," KeyBanc adds.