CrowdStrike price target raised to $520 from $410 at Oppenheimer

Oppenheimer analyst Ittai Kidron raised the firm’s price target on CrowdStrike (CRWD) to $520 from $410 and keeps an Outperform rating on the shares. The firm notes CrowdStrike reported solid Q1 results driven by sustained momentum in Falcon Flex uptake and early renewal activity. In addition to accelerating module adoption among large customers, MSSP partners now contribute a record 15% of bookings and are driving penetration into the mid-market/SMB. Oppenheimer is also encouraged by sustained growth in ARR, but acknowledges new CCP revenue recognition impacts will likely be a source of near-term distraction for investors until they fade. Looking to the second half of the year, the firm anticipates an acceleration in net new ARR as customers continue to renew with strong retention and module expansion. Potential catalysts in the second half of the year include new $1B repurchase authorization, net new ARR re-acceleration, and more flex early renewals.