SentinelOne deal with Lenovo will contribute ‘meaningfully’ in 12 months: Wells Fargo
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- SentinelOne’s (NYSE:S) deal with Lenovo to include SentinelOne’s software and generative artificial intelligence solutions on all new PC shipments could “meaningfully” contribute to the former’s top line in 12 months, Wells Fargo said on Tuesday.
- SentinelOne shares rose 6% in late afternoon trading.
- “While it may take 12 months to have an impact, we believe this partnership should have a meaningful impact on SentinelOne’s ARR, given that Lenovo is the top PC manufacturer,” Wells Fargo analyst Andrew Nowinski wrote in an investor, noting that Dell’s (DELL) deal with CrowdStrike (CRWD) added $50M to CrowdStrike’s $3.4B in annual recurring revenue in its fourth quarter.
- “If Lenovo can reach $50MM in 12 months, it would account for 5% of the estimated $1.01B the Street is estimating for SentinelOne,” Nowinski added. He has an Overweight rating and $30 price target on SentinelOne.