Morgan Stanley raised its price target on CrowdStrike (CRWD) to $238 from $227. The firm maintained an Overweight rating. This adjustment followed CrowdStrike's record-setting second quarter. The cybersecurity firm reported revenue of $1.47 billion, surpassing analyst expectations.
CrowdStrike also posted a record net new annual recurring revenue (ARR) of $333 million. This represents a 51% year-over-year increase. The figure significantly beat forecasts. In its note, Morgan Stanley stated the strong results eased concerns about customer demand. The firm called CrowdStrike a "clear secular winner." At least eleven firms raised their price targets after the report.