CrowdStrike’s stock lags cybersecurity peers as it is downgraded ahead of earnings

CrowdStrike Holdings Inc. shares lagged the mostly positive cybersecurity sector Monday after an analyst, writing of potential risk to estimates, downgraded the stock two days ahead of the company’s earnings report.

In a Monday note, Morgan Stanley analyst Hamza Fodderwala downgraded CrowdStrike’s stock to equal weight from overweight and trimmed his price target to $167 from $178 ahead of the company’s fiscal second-quarter earnings report, due Wednesday after the market close. Analysts surveyed by FactSet estimate, on average, ARR of $3.14 billion for the quarter ending in October and $3.38 billion for the quarter ending in January. For fiscal 2024, analysts forecast ARR of $4.29 billion.

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