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Investing.com — Crowdstrike Holdings Inc (NASDAQ:CRWD) stock jumped in early Tuesday trading after Goldman Sachs analyst Brian Essex upgraded the company from Neutral to Buy.
The analyst told investors in a note that the stock has “rerated lower over the past seven months, along with the rest of the high-growth software universe,” but fundamentals continue to improve with “strong execution against a backdrop of unprecedented demand.”
Essex, who also increased Goldman’s price target on CrowdStrike to $285 from $241, added that the Russia-Ukraine war is driving even greater demand levels, and they view the company as well-positioned “in the sweet spot of demand.”
“Considering valuation at more compelling levels, strengthening secular demand trends, and an outlook that continues to improve on the back of beat and raise results, we are upgrading CRWD,” stated Essex.
CrowdStrike shares jumped more than 8% Tuesday, hitting a high of $235.70.
