CrowdStrike price target lowered to $490 from $530 at DA Davidson

DA Davidson analyst Rudy Kessinger lowered the firm’s price target on CrowdStrike (CRWD) to $490 from $530 but keeps a Buy rating on the shares after its “strong” Q2 earnings beat. The company’s growth in Flex, large deals, and Non-EDR modules was very strong, while its Q3 and second-half annual recurring revenue outlook was well ahead of consensus expectations, the analyst tells investors in a research note. The Onum acquisition will also complement CrowdStrike next-gen SIEM by enabling earlier threat detection through in-pipeline analysis before data even enters the Falcon platform and also in cost optimization through smart filtering that reduces storage costs by 50%, the firm added.