CrowdStrike price target raised to $485 from $390 at Raymond James

Raymond James analyst Adam Tindle raised the firm’s price target on CrowdStrike (CRWD) to $485 from $390 and keeps an Outperform rating on the shares. CrowdStrike’s Q1 results were generally in-line with disclosures into the quarter, and forward guidance was better than expected on net new annual recurring revenue, the analyst tells investors in a research note. Raymond James awaits evidence of a changing narrative in the second half that could cause the firm to reevaluate the premium valuation it currently commands.