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CrowdStrike Raises Long-Term Growth Targets as AI Opportunity Expands, Oppenheimer Says

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CrowdStrike (CRWD) highlighted its AI cybersecurity opportunity and raised its long-term growth outlook at its Fal.Con conference, Oppenheimer said.

The analysts said in a note Wednesday that they came away from the event "incrementally bullish."

Management raised its total addressable market estimate to $565 billion by calendar year 2034. CrowdStrike would need only about 3.5% market share to reach its $20 billion ARR target, suggesting the company can meet its long-term goals without gaining market share.

The company also moved its $10 billion and $20 billion ARR targets forward by one year, to calendar years 2030 and 2035, respectively. For fiscal year 2028, management expects 20% or more year-over-year growth in net new ARR, well above consensus estimates, the analysts said.

"We believe CrowdStrike can displace and replace competitors' solutions and take market share from legacy and next-gen antivirus vendors," according to the note.

Oppenheimer reiterated its outperform rating on CrowdStrike, with a $250 price target.

Shares of the company were up 4.3% in Thursday afternoon trading.

Price: $212.19, Change: $+8.77, Percent Change: +4.31%

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