Shares of Crowdstrike Holdings Inc. /zigman2/quotes/212513426/composite CRWD -5.27% are off more than 5% in Monday afternoon trading after BTIG analyst Gray Powell downgraded the stock to neutral from buy. "Our checks lead us to believe that competition is on the rise and that tailwinds to CRWD's growth in CY22 will downtick from CY21," Powell wrote. While he thinks that consensus estimates for fiscal 2023 look "very achievable," he worries that growth in annual recurring revenue could move into the low- to mid-40% range from a high-50% range in fiscal 2022. "As a result, investors will be faced with the difficult task of gauging the slope of a deceleration," Powell wrote. Shares have added 115% over the past 12 months as the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% has risen 41%.