We believe given heightened valuation that expectations are likely for near 60% total ARR growth." Meanwhile, a Morgan Stanley analyst, who has an Overweight rating and $215 price target on CrowdStrike, said in his note that "after a modest ARR beat in Q1, investor expectations for CRWD are fairly low for FQ2." "Checks remain largely favorable on overall demand and CRWD's position as market leader. While we don't expect major upside from Q2, commentary around growing Fed pipeline in Q3 could drive fwd estimates higher," added the analyst.