CrowdStrike downgraded to Market Perform from Outperform at Bernstein

Bernstein analyst Peter Weed downgraded CrowdStrike (CRWD) to Market Perform from Outperform with an unchanged price target of $371. Within cybersecurity, CrowdStrike “is a rightly loved stock,” the analyst tells investors in a research note. The firm says the shares are “VERY expensive” at current levels. Investors may have crowded into the cybersecurity sector as a whole, perceiving it as relatively safe in macro uncertainty, contends Bernstein. The firm cites valuation for the downgrade and views Palo Alto (PANW) as an alternative to consider in cybersecurity.