Guggenheim downgraded Crowdstrike to Neutral from Buy without a price target. The analyst expects resistance to new deals in the near-term as a result of anticipated fallout from the apparent quality assurance issue that caused a massive disruption of IT systems across the globe. The firm also sees risk in fiscal Q4 consensus estimates, especially annual recurring revenue. With the stock still trading at the highest multiple of recurring revenue across Guggenheim’s entire software coverage. the firm is “stepping away for the time being.”
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