On Wednesday, BMO (TSX:BMO) Capital Markets adjusted its outlook on CrowdStrike Holdings (NASDAQ:CRWD), a leader in cloud-delivered endpoint and cloud workload protection. The firm raised its price target on the shares to $425.00, up from the previous $332.00, while reiterating an Outperform rating.
The revision follows CrowdStrike's impressive performance in the recent quarter, where the company's net new Annual Recurring Revenue (ARR) reached $282 million. This figure notably surpassed the consensus estimate of $242 million and even exceeded the expectations of the buy-side, according to BMO Capital.
CrowdStrike's robust quarterly results and forward-looking guidance have distinguished the company from other security reports. This distinction has heightened concerns regarding the recent challenges and go-to-market strategy changes faced by Palo Alto Networks (NASDAQ:PANW), as observed by BMO Capital.
The firm remains confident in CrowdStrike's market position and prospects, leading to the decision to maintain the Outperform rating. The increase in the price target to $425 reflects BMO Capital's positive assessment of CrowdStrike's financial trajectory and its standout performance in the cybersecurity sector.
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