CrowdStrike Remains Attractive Even as We Lower Our Long-Term Profitability Assumptions; FVE to $196

We are lowering our fair value estimate for narrow-moat CrowdStrike down to $196 from $225 as we are taking a more conservative stance on our long-term profitability assumptions. Nonetheless, our new fair value estimate is still solidly above the company’s current share price. We continue to believe that the market’s reaction to recent macroeconomic events has been overdone, with many high-quality software names put to the sword as investors fled from tech.