The post Analysts set CrowdStrike price target after global outage appeared on BitcoinEthereumNews.com.

Following a massive outage that brought many industries and organizations, including banks, airlines, train operators, and supermarkets, around the world to a halt, the price of CrowdStrike (NASDAQ: CRWD) stock has suffered a major dip, and analysts’ new price targets reflect the recent events. As it happens, an outage seems to be the result of a malfunction within Microsoft (NASDAQ: MSFT) operating systems or due to a software update from cybersecurity company CrowdStrike, which caused Windows devices used in central banks, media outlets, and air companies worldwide, to crash. CrowdStrike stock forecast In this context, some market experts have reduced their price targets on CRWD shares or downgraded their rating, including Piper Sandler’s managing director and senior research analyst Rob Owens, who changed his CrowdStrike stock price target from $400 to $310, maintaining the ‘neutral’ score. At the same time, BTIG’s managing director and security and infrastructure software analyst Gray Powell downgraded CRWD shares from ‘buy’ to ‘neutral,’ with Guggenheim’s software equity research analyst John Difucci doing the same. Neither have offered new price targets for CrowdStrike stocks. As Guggenheim analysts said in a note, the recent global disruptions caused by CrowdStrike might negatively impact its business, even if only temporarily, although they acknowledged that the company has substantially expanded its technology offerings and has aggressively focused on new markets. “With the stock still trading at the highest multiple of recurring revenue across our entire Software coverage, we are stepping away for the time being. (…) The restoration of its reputation may take more time and will likely affect new business signings at least in the near-term.” Regardless of the recent updates, the analyst consensus is still that CRWD stock is a ‘buy,’ with an average 12-month price target standing at $383.57, which would represent an increase of 25.4% from its…

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Filed under: News - @ July 22, 2024 4:14 pm