CrowdStrike 1QFY Commentary on AI Demand Build

Goldman Sachs maintains a Buy rating on CrowdStrike, raising the price target to $726 despite a smaller-than-typical 1Q beat, citing a $40mn increase in NNARR guidance and a positive AI-related demand pipeline.

Key Takeaways

• 1.CrowdStrike reported a $6mn beat in 1Q NNARR, which was smaller than the typical ~$20mn beat, leading to a 10% after-hours stock decline.
• 2.Guidance for NNARR was raised by $40mn, well above the 1Q beat, driven by a positive demand pipeline and anticipated AI demand acceleration.
• 3.The gap between AI infrastructure spending and AI security adoption is expected to begin closing this year as enterprise AI workflows move to production.

Table of Contents

• CrowdStrike (CRWD)
• Valuation & Risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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