Goldman upgrades CRWD

Good to see an upgrade today and a nice pop in the stock.

“CrowdStrike Holdings shares are trading sharply higher in response to an enthusiastic endorsement of the cloud-based security software company from Goldman Sachs analyst Brian Essex.

Among other things, he said, CrowdStrike will benefit from an increased corporate focus on security as a result of the Russian invasion of Ukraine.

Essex lifted his rating on CrowdStrike (ticker: CRWD) to Buy from Hold, raising his target for the stock price to $285, from $270. That implies a potential 32% gain from Monday’s close at $216. Early Tuesday, the stock rallied 8%, to $234.08.

The analyst said in a research note that CrowdStrike shares have been under pressure in recent months, weighed down by the broad selloff in highly valued software stocks. At their latest closing level, CrowdStrike shares were off about 38% from their November highs.”