11:19 AM EDT, 08/21/2024 (MT Newswires) -- CrowdStrike Holdings ( CRWD ) is likely to report fiscal Q2 revenue per expectations and continues to be a cybersecurity leader despite the short-term disruptions from the global IT outage on July 19, BofA Securities said in an earnings preview Wednesday.

CrowdStrike ( CRWD ) is set to release fiscal Q2 results on Aug. 28.

BofA said the software outage poses a higher risk in H2 and projects a 50% sequential drop in new annual recurring revenue for the company. The firm anticipates that the company's management to adjust fiscal year guidance to factor in the possible effects from the event.

"The current pressure on the stock is a particularly attractive buying opportunity," the firm said. "In a Zero-Trust world, the strategic value of starting security at the endpoint is higher than ever and CrowdStrike ( CRWD ) is uniquely positioned to be a fundamental cyber platform given its proximity to users, data and network infrastructure."

The firm said a guide down post-outage is likely "but the magnitude is uncertain."

BofA maintained CrowdStrike's ( CRWD ) buy rating, with a price objective of $365.

Shares of CrowdStrike ( CRWD ) were up nearly 2% in recent trading.

Price: 271.48, Change: +4.95, Percent Change: +1.86