Overview
- Berenberg initiated coverage on Nov. 19 with a Hold rating and a $600 price target, arguing that strong execution is already reflected in the share price.
- The bank highlights CrowdStrike’s cloud-native single-agent design and platform consolidation as advantages in endpoint and cloud workload security.
- Analyst estimates point to TAM expansion from $25 billion in FY19 to $140 billion by FY26E, with projections to $300 billion by FY30E supported by roughly 112% net revenue retention.
- Fiscal Q2 revenue rose 21% year over year to $1.17 billion, free cash flow reached about $284 million, and the number of deals above $10 million doubled compared with last year.
- Management guides to at least 40% growth in net new ARR in the second half of FY26 and 20%–21% revenue growth for fiscal Q3, while outage-related incentives are expected to reduce revenue by $10–$15 million per quarter with $51 million in cash payments in fiscal Q3.