Competitive PressureThere may be a rotation between CrowdStrike and Palo Alto Networks, making it harder for CrowdStrike to deliver returns.
Growth ChallengesGrowth has decelerated to below 20% in 1H26, and while acceleration to about 22% is expected in 2H, growth will decelerate in the next few years, hence the growing focus on valuation.
Valuation ConcernsCrowdStrike is very expensive compared to the price target, which is a common issue across the cybersecurity sector.