Oppenheimer keeps an Outperform rating on Crowdstrike after multiple mission critical systems globally have failed this morning following a CrowdStrike content update to Windows hosts. The stock in premarket trading is down 10% to $307.51. While the issue is not a security breach, it is a significant software and process update failure and has caused significant operational and financial damage to CrowdStrike’s customers globally, the analyst tells investors in a research note. The firm says “this is a major blow to CrowdStrike’s reputation and will most likely weigh not only on investor sentiment and business activity for several quarters ahead.” Opco expects the company to not only take immediate action to resolve the specific failure but also to review its internal processes transparently to raise customer and investor confidence. “This process takes time,” it writes. The firm expects the shares to remain under pressure in the weeks ahead and while its long-term view on CrowdStrike is unchanged, it says the company’s near- to mid-term outlook is now negative as business activity will be impacted.