Crowdstrike Rating Upgraded to Strong Buy by Jefferies Analyst

Jefferies's Joseph Gallo upgraded their rating on Crowdstrike Holdings (NASDAQ: CRWD) from Hold to Strong Buy on 2023/10/19. The analyst also raised their price target by 32.4% from $170 to $225.

According to Gallo, the macro environment remains challenging, but there is enough positive data to warrant a more optimistic outlook on the high-growth platform sector. After conducting a thorough analysis of their Enterprise Software portfolio, the analyst believes that despite year-to-date outperformance, the space will continue to benefit from "secular themes."

Gallo specifically highlighted players like Crowdstrike, emphasizing that they are well positioned to capitalize on federal government opportunities, vendor consolidation, and the tailwinds of cloud adoption.

In addition to the rating upgrade and price target revision for Crowdstrike, Gallo also made changes to other names in their portfolio. They lowered their price target on Fortinet Inc by -23.5%, from $85 to $65, and downgraded the stock from Strong Buy to Hold. On the other hand, they raised their price target on Zscaler Inc by 32.4%, from $170 to $225, and upgraded the stock from Hold to Strong Buy.

The analyst's bullish stance on Crowdstrike is supported by the opinions of other top-rated analysts. Currently, 95.8% of the top-rated analysts rate CRWD as a Strong Buy or Buy, with only 4.2% considering it a Hold. No analysts recommend or strongly recommend selling the stock.

Looking at the stock's performance, since Crowdstrike's last quarterly report on 2023/07/31, the stock price has increased by 16.2%. Year-over-year, the stock is up 19.7%. During this period, Crowdstrike has outpaced the S&P 500, which has risen by 15%.

Jefferies analyst Joseph Gallo is ranked in the top 22% of Wall Street analysts by WallStreetZen, out of a total of 4,363 analysts. Gallo specializes in the Technology sector and boasts an average return of 6.9% with a 47.1% win rate.

Crowdstrike Holdings, Inc. is a company that provides cloud-delivered protection across endpoints and cloud workloads, identity, and data. Its offerings include threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection, and log management. The company primarily sells subscriptions to its Falcon platform and cloud modules through a direct sales team and leverages a network of channel partners. With a global customer base, Crowdstrike was incorporated in 2011 and is headquartered in Austin, Texas.

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