CrowdStrike rises as Baird raises PT, receives DoD authorization
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CrowdStrike (NASDAQ:CRWD) shares rose in early trading on Friday after Baird boosted its price target and the company received approval from the Department of Defense to protect "critical assets."
Analyst Jonathan Ruykhaver raised his price target to $275 from $275, while keeping the outperform rating on the security company after its latest investor briefing.
In a note to clients, Ruykhaver said that CrowdStrike (CRWD) sees a "meaningful potential opportunity" for its FalconXDR and cloud solutions, as well as its Fusion and log management.
CrowdStrike (CRWD) shares rose nearly 4% to $225.57 in early trading.
In addition, CrowdStrike said late on Thursday that it received Level 4 authorization from the DoD to deploy its Falcon cybersecurity platform to a wide range of DoD and and Defense Industrial Base customers to protect their Controlled Unclassified Information.
On March 21, the Biden Administration said that based on evolving intelligence, the Russian government was exploring a number of options for potential cyberattacks.
The President added that his Administration would use all of its tools to "deter, disrupt" and if necessary, respond to these potential attacks.
Biden also called on the private sector to help owners of critical infrastructure and "lock their digital doors."
On Thursday, Wedbush Securities named CrowdStrike (CRWD) as one of the top cyber security names to own amid a steep sell-off in tech stocks.