CrowdStrike price target raised to $700 from $525 at KeyBanc

KeyBanc raised the firm’s price target on CrowdStrike (CRWD) to $700 from $525 and keeps an Overweight rating on the shares. Given the timing of Mythos in early April, KeyBanc expects off-quarter security earnings to be broadly healthier than on-quarter, even though it didn’t necessarily pick up any direct benefit from Mythos within the April quarter. Based on recent customer conversations, however, Mythos is driving a meaningful increase and/or pull-forward of spend. KeyBanc is raising price targets given its improved outlook on security demand going forward.