CRWD: FQ1 Results — Mythos Tide Forming

研报英文原文证据摘录

CRWD: FQ1 Results — Mythos Tide Forming

Equity Research

Price Target Change — June 4, 2026

U.S. Software

CrowdStrike Holdings, Inc.

FQ1 Results — Mythos Tide Forming Overweight

Price Target: $725.00

Notable Changes

Our Call $ (Jan) Current Prior % Chg

Q1 #s were solid, but likely not quite enough NT following the recent run (shares +64% past Price Target $725.00 $700.00 3.6%

mo vs. COMP +7%). Strong FY raise (inc. Q2 organic acceleration) & tone/commentary Rev. (MM) 2027 5.94B 5.90B 0.6%

around AI-led inflection help set stage for next act. Keep OW, $725 PT. Rev. (MM) 2028 7.24B 7.18B 0.7%

EPS 2027 4.93 4.85 1.7%

Key callback takes: EPS 2028 6.31 6.17 2.2%

• Sequence of events in Q1: Mgmt highlighted there was lots for CISOs to sort through

in Q1—RSA in March, Anthropic's Mythos in April followed by OpenAI TAC. This helps Ticker CRWD

clarity in our view, though no explicit acknowledgment around Q1 softness / guide Upside/(Downside) to Target (3.0)%

philosophy. Price (06/03/2026) $747.61

• Encouraging AI tone: Views AI as massive tailwind for industry. Not just guiding to 52 Week Range $342.72 - 785.66

Q2 pop but a sustainable durable multi-yr tailwind around AI that is just now starting. Market Cap (MM) $192,983

Reiterated upbeat comments on AIDR, SGNL, core. Enterprise Value (MM) $188,498

Average Daily Value (MM) $2,716

FQ1 beat was skinny; however, guide implies FQ2 organic acceleration in NNARR Dividend Yield 0.0%

& more stable growth in F2H. While NNARR upside at ~2% was a surprise vs ~8-12%

quarterly beats in FY26, Q2 guide implies organic NNARR accelerates ~100bps to 29% $ (Jan) Q1 Q2 Q3 Q4 FY

YoY. Also, despite tougher comps in F2H, guide implies more durability at +26% YoY in Rev. (MM)

F2H vs +30% in F1H and our prior ~19%.