Bernstein lowered the firm’s price target on CrowdStrike (CRWD) to $343 from $371 and keeps a Market Perform rating on the shares. The firm notes CrowdStrike’s Q2 saw year-over-year subscription growth ticked down one last time to 20.1% before it laps the effects of its outage in July of last year, and starts to see lapping of easy comps and effects of customer satisfaction roll off in the second half of the year. With that said, while the company beat their guide by about $21M in the quarter, they raised full year by just $3M and emphasized the guide anticipated professional services would be strong – implicitly this guided down subscription revenue in second half of the year.
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