Analyst Note| Malik Ahmed Khan |
We are maintaining our $196 fair value estimate for narrow-moat CrowdStrike after the company reported second-quarter financial results topping our expectations. We continue to view CrowdStrike as a leader in endpoint security and expect the firm to maintain its torrid growth. In addition, we believe customers will continue to rapidly adopt CrowdStrike's endpoint security platform to alleviate security complexity, while CrowdStrike benefits from locking customers into its ecosystem in the longer term. At the same time, we think that CrowdStrike's current market price has this leadership position and strong growth prospects baked in, and we view the firm's shares as fairly valued.