CrowdStrike jumps as Goldman Sachs upgrades on 'compelling' valuation
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CrowdStrike (NASDAQ:CRWD) shares rose early Tuesday after investment bank Goldman Sachs upgraded the cyber security company, noting its fundamentals have continued to improve.
Analyst Brian Essex raised his rating to buy from neutral and upped the price target to $285 from $241, implying roughly 30% upside from current levels. Essex noted that the company's fundamentals have improved, even as the stock has fallen over the past seven months, providing investors with an attractive entry point.
"We continue to view [CrowdStrike] as well positioned in the sweet spot of demand ahead of accelerating deterioration of the threat environment with Endpoint expected to remain a top CIO priority within Security," Essex wrote in a note to clients.
CrowdStrike (CRWD) shares rose slightly more than 5% to $228.20 in premarket trading. Year-to-date, shares have gained slightly more than 9%. 
In addition, Essex noted that CrowdStrike (CRWD) has improved its execution and the global threat environment remains "elevated" with concerns over the Russia invasion of Ukraine "driving even greater levels of demand."
 On Friday, Baird boosted its price target on CrowdStrike (CRWD), citing a "meaningful potential opportunity" for its Falcon XDR and cloud solutions, just one day after âthe company received approval from the Department of Defense to protect "critical assets."