CrowdStrike price target lowered to $500 from $530 at Jefferies

Jefferies analyst Joseph Gallo lowered the firm’s price target on CrowdStrike (CRWD) to $500 from $530 and keeps a Buy rating on the shares. Fiscal Q2 ARR growth of 20.5% year-over-year beat consensus, but was at the low end of elevated investor expectations, the analyst says. Positively, second half incremental ARR was guided to grow “at least” 40% year-over-year, implying 22% year-over-year ARR growth, above consensus at 20.8%, notes the analyst. The ARR guidance “implies we’ve reached the light at the end of the tunnel,” the analyst added.