Berenberg Starts CrowdStrike at Hold With $600 Target, Citing Rich Valuation

Overview

• Berenberg initiated coverage of CrowdStrike on November 19 with a Hold rating and a $600 price target.
• The firm describes the company’s execution as best in class and labels it a leader in AI-driven endpoint and cloud workload protection.
• Analysts say the stock already reflects its position at the top of the revenue duration curve, leading to a neutral stance.
• The note credits a cloud-native single-agent architecture with expanding total addressable market from about $25 billion in FY19 to roughly $140 billion in FY26E.
• Projections cited in the report point to a potential $300 billion TAM by FY30E and reference a land-and-expand model with approximately 112% net revenue retention.