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CrowdStrike Stock Gets a Downgrade Ahead of Earnings

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Morgan Stanley analyst Hamza Fodderwala downgraded the shares to Equal-Weight from Overweight, citing a difficult demand environment.

CrowdStrike Holdings stock was falling Monday after an analyst at Morgan Stanley downgraded the cybersecurity stock ahead of earnings.

Fodderwala is concerned that there will be further slowdown in spending from large customers. “We estimate these verticals combined represent more than 20% of total company ARR [annual recurring revenue] and continue to spend more cautiously, likely resulting in more phased deployments and smaller deal sizes.”

CrowdStrike didn’t immediately provide a comment on Monday. On the company’s most recent earnings call in May, Chief Executive George Kurtz said “our continued execution despite a challenging macro environment translated to strong growth and exceptional margins.”Piper Sandler analyst Rob Owens is more optimistic going into earnings, and rates the stock as Overweight with a $180 price target.

RBC Capital Markets analyst Matthew Hedberg rates the stock as Outperform with a $182 price target, and has a bullish view heading into earnings.

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