According to the financial news app, Piper Sandler downgraded its stock rating for cybersecurity company CrowdStrike (CRWD.US) from 'buy' to 'neutral', but maintained the target price at $400. The bank stated that the company's valuation was too high and lacked catalysts in the short term.

Analysts said that although they are 'still excited about the next steps for CrowdStrike because there are many incremental growth opportunities,' considering the stock's strong performance, the risk/reward is 'not very favorable' at the moment. They pointed out that CrowdStrike's high annual recurring revenue (ARR) and estimated fiscal year revenue will make it difficult for it to see any meaningful growth again, as 'the law of large numbers should begin to impact overall growth rates.' The analysts added that it cannot be denied that there are many opportunities in CrowdStrike's future, but 'this is largely reflected in the current valuation level.'