CrowdStrike (NASDAQ:CRWD) stock is on the rise Monday after an analyst announced an upgrade for CRWD stock.
The upgrade to CrowdStrike stock comes from Goldman Sachs analyst Brian Essex. This has the analysts bumping CRWD stock up from its previous neutral rating to a new buy rating.
To go along with that upgrade, Essex also provides a new $174 price target for CRWD stock. For comparison, the previous price target from Goldman Sachs was $122. It’s also worth pointing out that the stock was sitting at $139.87 per share when markets closed on Friday.
So why exactly is the Goldman Sachs analyst taking such a bullish stance on CrowdStrike stock? He believes that the company has the potential for massive growth. It’s also experiencing stronger growth than its peers.
The analyst believes that CrowdStrike could see its growth surge even further by expanding its business into additional adjacent markets. It’s worth noting the company got a boost from lockdowns due to the novel coronavirus thanks to more people working from home, reports TheStreet.
Essex’s stance on CrowdStrike stock is unsurprising. It currently has a consensus buy rating based on 22 analysts. However, his price target for CRWD stock is above the norm. The median price target for the stock is sitting at $158 based on 21 analysts with a high of $176 and a low of $125.
CRWD stock was up 3.9% as of Monday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.