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Truist Securities upgrades CrowdStrike (NASDAQ: CRWD) to Buy post Q1 FY24 release
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CrowdStrike Holdings Inc. (NASDAQ: CRWD) received a rating upgrade from Truist Securities post the release of its financial results for Q1 FY24. On May 31, 2023, the cybersecurity giant reported revenue of US$ 692.6 million for Q1 of fiscal 2024. This quarter’s revenue marked a 42% jump from Q1 2023 revenue of US$ 487.8 million.
CrowdStrike is a provider of cybersecurity products and services for which its major clients are large organizations. The company’s products offer cloud-driven solutions for security related issues and facilitate IT operations management.
Truist Securities upgraded its rating on the stock to ‘Buy’ a day after the release of the company’s financial results. The broker’s price target on CRWD was US$ 175, a 17.27% upside potential over its closing price on June 7, 2023.
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