Yuliya Taba/E+ via Getty Images Performance assessment Since my last update on CrowdStrike ( CRWD ), the stock has lagged the S&P 500 ( SPY ): Performance Since HA's Last Article on CRWD (Seeking Alpha, HA's Last Article on CRWD) Elevator pitch Here's my elevator pitch view on CrowdStrike: Falcon Flex pricing is driving strong ARR and multi-product adoption Autonomous AI agents are becoming a more...
Yuliya Taba/E+ via Getty Images Performance assessment Since my last update on CrowdStrike ( CRWD ), the stock has lagged the S&P 500 ( SPY ): Performance Since HA's Last Article on CRWD (Seeking Alpha, HA's Last Article on CRWD) Elevator pitch Here's my elevator pitch view on CrowdStrike: Falcon Flex pricing is driving strong ARR and multi-product adoption Autonomous AI agents are becoming a more prominent threat to CrowdStrike An accounting change can optically inflate operating income There are signs of relative overvaluation CRWD stock just had a confirmed breakdown Falcon Flex pricing is driving strong ARR and multi-product adoption CrowdStrike's Falcon Flex is a one-stop shop for various security solutions. This leads to a pricing model that replaces module-by-module purchasing with a more seamless and frictionless bundled approach. The good news is that this is leading to a sharp increase in net new ARR ( annualized recurring revenue ) to more than $1B in the Jan'26 quarter: Net New ARR YoY Increment (Company Filings, HA Analysis) There is also a steady increase in multi-product module adoption rates: 6+ Module Adoption Rates (Company Filings, HA Analysis) This is the bull case, I acknowledge, as it indicates healthy growth trends underpinned by a strong value proposition for customers so far. Autonomous AI agents are becoming a more prominent threat to CrowdStrike OpenAI ( OPENAI ) and Anthropic ( ANTHRO ) have been making inroads with cybersecurity agents with Codex Security and Claude Code Security . However, this development did not initially alarm some sell-side firms, such as Wedbush Securities, in terms of the threat this poses to cybersecurity vendors such as CrowdStrike because there was no evidence of lost deals due to AI substitutes. But the warning signs have been there, as, contrary to initial expectations, sales cycles are becoming longer in the cybersecurity industry, with the latest quarter seeing a record high of 109 days. Wedbush security an...
Porter Anderson/iStock via Getty Images A lot of REITs have gotten into troubled valuations of late due to what I would consider to be issues related to growth problems. Previously, many of these industrial REITs (as well as other sub-sectors of REITs) were trading at very high multiples. Not seldom we're talking about AFFO multiples in excess of 25x AFFO, which analysts argued were part of an imp...
Porter Anderson/iStock via Getty Images A lot of REITs have gotten into troubled valuations of late due to what I would consider to be issues related to growth problems. Previously, many of these industrial REITs (as well as other sub-sectors of REITs) were trading at very high multiples. Not seldom we're talking about AFFO multiples in excess of 25x AFFO, which analysts argued were part of an impressive growth and fundamental profile. I have always been a bit dubious about such arguments, but it would be wrong to say that my targets have not also been influenced by these trends. So, it's a healthy exercise to go back to a company like Rexford ( REXR ), which I managed to "get out of" at the last peak in the late parts of 2025, with a small profit, and see where things should take the company going forward. Why I say this is obviously that over the past few weeks, we've seen a significant decline in the company's valuation, to where Rexford now trades below $32.5/share at the time of writing. While not record lows, it's certainly approaching low levels of valuation. At this level of valuation, we're talking about a 5.36% yield, which in context is not only high, it's very high for this business. We're also talking about a BBB+ rated REIT with a very attractive debt profile, by which I mean that it's not leveraged to any significant degree compared to other companies. Like other quality REITs, it also manages to hit or beat its targets most of the time - about 90%+ on average over the past 10 years. There are many arguments for why REXR could perform well. But what exactly does "well" mean in this context, and why might it not be as great an upside as you might think that it is? That's what we'll be looking at here. Rexford Industrial Realty Incorporated - Rebasing cash flow to a low level of growth The problem with a REIT like this can be stated in a simple illustration. F.A.S.T Graphs Rexford Industrial Realty REITs like Rexford have, unfortunately, been at levels ...
French anti-terrorism prosecutors have opened an investigation into a suspected attack targeting Bank of America’s Paris headquarters after the reported overnight arrest of a man who allegedly tried to ignite an improvised explosive device outside the US bank’s premises. In an emailed statement to reporters, the national anti-terrorism prosecutor’s office said the investigation involves the suspe...
French anti-terrorism prosecutors have opened an investigation into a suspected attack targeting Bank of America’s Paris headquarters after the reported overnight arrest of a man who allegedly tried to ignite an improvised explosive device outside the US bank’s premises. In an emailed statement to reporters, the national anti-terrorism prosecutor’s office said the investigation involves the suspected attempted destruction by fire or other dangerous means in connection with a terrorist plot, as...
Phiwath Jittamas/iStock via Getty Images New Mountain Finance ( NMFC ) has suffered significant valuation pressure in 2026, mainly due to the emergence of problems in the private credit sector that has raised investors’ fear levels with regard to exposure to software companies and triggered capital outflows from the industry more broadly. The BDC responded to growing concerns about risk by announc...
Phiwath Jittamas/iStock via Getty Images New Mountain Finance ( NMFC ) has suffered significant valuation pressure in 2026, mainly due to the emergence of problems in the private credit sector that has raised investors’ fear levels with regard to exposure to software companies and triggered capital outflows from the industry more broadly. The BDC responded to growing concerns about risk by announcing the divestment of a loan portfolio that is going to derisk NMFC's balance sheet and lead to a significant liquidity inflow of $468M, bolstering the firm's liquidity position. New Mountain Finance is not growing its portfolio, however, amid a faster repayment speed and higher non-accruals. The investment platform has also seen an unfavorable non-accrual trend in its investment portfolio, which has forced New Mountain Finance to announce a ~22% dividend cut that will take effect in the second fiscal quarter. That being acknowledged, however, New Mountain Finance is priced at an excessive discount to net asset value and currently trades well below its historical valuation factor, which creates nonetheless an attractive investment proposition for investors hunting for a deep discount to fair value. Data by YCharts Higher-Than-Average Risk Profile With Revaluation Potential New Mountain Finance is not growing its investment portfolio amid a faster pace of loan repayments as well as higher non-accruals. As a result, the private credit platform had a portfolio of approximately $2.8B as of the end of the fourth quarter (-11% Y/Y), which makes NMFC a top 15 BDC in the private credit market. New Mountain Finance New Mountain Finance had a total of 7 loans on non-accrual status as of the end of the fourth fiscal quarter, which translated to a total non-accrual value, on a fair value basis, of $40M. The non-accrual trend for the BDC is slightly negative, as its non-accrual ratio increased ~8% in the last year while at the same time the portfolio shrank more than 11% on the back of ...
As tensions in Iran continue to escalate, the world is entering what could be the most serious energy crisis in decades. The Strait of Hormuz is mostly closed right now, and that's a serious problem because roughly 20% of the world's oil and natural gas (as well as all sorts of other goods) passes through this narrow waterway. If the situation continues on its current course, it could rewrite the ...
As tensions in Iran continue to escalate, the world is entering what could be the most serious energy crisis in decades. The Strait of Hormuz is mostly closed right now, and that's a serious problem because roughly 20% of the world's oil and natural gas (as well as all sorts of other goods) passes through this narrow waterway. If the situation continues on its current course, it could rewrite the global energy map. ExxonMobil (NYSE: XOM) is already an industry behemoth, but the brewing energy crisis makes it arguably the best oil stock to buy amid the war. Here's why. Continue reading
The average one-year price target for ACS, Actividades de Construcción y Servicios (BME:ACS) has been revised to €97.99 / share. This is an increase of 10.41% from the prior estimate of €88.75 dated February 21, 2026. The price target is an average of many tar
The average one-year price target for ACS, Actividades de Construcción y Servicios (BME:ACS) has been revised to €97.99 / share. This is an increase of 10.41% from the prior estimate of €88.75 dated February 21, 2026. The price target is an average of many tar
EyeEm Mobile GmbH/iStock via Getty Images GitLab ( GTLB ) has received increased attention among traders and on social media in recent months. The company delivered a series of what appeared to be a strong series of earnings reports throughout 2025 without causing any meaningful appreciation in the firm's stock price. Then the calendar turned over to this year, and GitLab shares caved in, losing n...
EyeEm Mobile GmbH/iStock via Getty Images GitLab ( GTLB ) has received increased attention among traders and on social media in recent months. The company delivered a series of what appeared to be a strong series of earnings reports throughout 2025 without causing any meaningful appreciation in the firm's stock price. Then the calendar turned over to this year, and GitLab shares caved in, losing nearly half their value while slumping to new all-time lows and barely hanging onto a $20 price: Data by YCharts For a company that appears to still be performing well from an operational standpoint, it's been incredible to witness this sort of value destruction. You might wave this away by saying it's been a brutal six-month period for software stocks and SaaS names in particular. That's a reasonable reaction. But even by the standard of software companies, GTLB shares have fallen harder than most, and there's been no sign of a bounce even when the rest of the sector tried to stabilize in early March: Data by YCharts Further pouring salt in the wound, direct GitLab competitor JFrog ( FROG ) has been one of the better performers in the SaaS space recently, while GTLB stock has been steadily sliding. GitLab's Recent Earnings GitLab kept reporting strong earnings over the last year, easily topping expectations, and yet the stock didn't go anywhere. In Guggenheim's Q3 earnings results note, for example, their analyst team wrote that "there seems to be an unshakable disdain for GitLab stock, even if the company exceeds expectations." I couldn't have said it better myself. And it was against this backdrop, where GitLab was barely rewarded for good quarters, that it came into its FY Q4 2026 earnings release, which came out March 3rd. Once again, the numbers were solid. Revenues of $260 million topped expectations by $8 million and rose 23% year-over-year. Adjusted earnings of 30 cents topped expectations by seven cents. Despite all the AI-related disruption fears, the company's cl...