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CrowdStrike Is This Analyst's 'Top Pick For 2024' In Cybersecurity, Plus 4 Tailwinds

Published 05/01/2024, 15:41
Updated 05/01/2024, 17:10
© Reuters. CrowdStrike Is This Analyst's 'Top Pick For 2024' In Cybersecurity, Plus 4 Tailwinds
CRWD
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Benzinga - by Priya Nigam, Benzinga Staff Writer.

Shares of CrowdStrike Holdings Inc (NASDAQ: CRWD) spiked in 2023, given rising cybersecurity spend by organizations and the company’s solid quarterly results.

Cybersecurity spending by large enterprises is likely to remain positive in 2024, and platform vendors like CrowdStrike are “well-positioned to capture an outsized share of spend,” according to Oppenheimer.

The CrowdStrike Holdings Analyst: Ittai Kidron maintained an Outperform rating for CrowdStrike, while raising the price target from $240 to $300.

The CrowdStrike Holdings Thesis: The Austin, Texas-based company faces several tailwinds that may lead to upside in fiscal 2025, Kidron said in the note.

Check out other analyst stock ratings.

The analyst mentioned four main tailwinds:

  • High cybersecurity spending due to “regulatory initiatives, high-cost of breaches, platform consolidation.”
  • Falcon Data Protection offering attractive cross-sell opportunities.
  • ARR/NRR expansion driven by “multiple expansion levers across existing emerging products and new products coming in early 2024.”
  • Greater emphasis on leveraging partnerships and bundling.
“While shares have had a strong run in 2023, we believe CrowdStrike's best-in-class execution and deep product portfolio can continue to drive strong upside,” he added, while naming the stock as a top pick for 2024.

CRWD Price Action: Shares of CrowdStrike Holdings had declined by 0.03% to $245.57 in premarket trading on Friday.

Latest Ratings for CRWD

DateFirmActionFromTo
Mar 2022BarclaysMaintainsOverweight
Mar 2022Canaccord GenuityMaintainsBuy
Mar 2022Deutsche BankMaintainsBuy
View More Analyst Ratings for CRWD

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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