BTIG analyst Gray Powell raised the price target on CrowdStrike Holdings to $621 from $499, maintaining a Buy rating.
The stock currently trades at $562.57, near its 52-week high of $568.37, with shares up 11% over the past week and 20% year-to-date.
The firm conducted discussions with 10 contacts over recent weeks, including six partners and four industry analysts. The partners represent approximately $700 million in annual CrowdStrike sales on a combined basis.
Two of the six partners increased their growth expectations compared to BTIG's January quarter research. The platform consolidation story is increasingly resonating with buyers.
Positive feedback on Next-Gen SIEM was notable, while commentary on Identity, Cloud Security, VM, and newer AI Security products was encouraging. The only mixed feedback concerned seat count pressure in core endpoint security.
BTIG said the headwind from endpoint security is more than offset by accelerating adoption of the broader platform.
In other recent news, CrowdStrike launched Jet, a mobile app for partners, added eight partners to Project QuiltWorks, and introduced Falcon OverWatch for Defender. Mizuho upgraded the stock to Outperform.
