CrowdStrike Holdings, Inc. (NASDAQ: CRWD) stock is soaring 6.97% in pre-market trading on Wednesday, following a bullish initiation by Roth MKM. The cybersecurity firm's shares are reacting positively to the new coverage, which includes a Buy rating and a substantial price target.
Roth MKM initiated coverage on several cybersecurity stocks, with CrowdStrike standing out as one of their top picks. The firm set a price target of $410 for CrowdStrike, representing significant upside potential from its current trading levels. This optimistic outlook has sparked investor interest, driving the stock's pre-market surge.
According to Roth MKM analysts, CrowdStrike is "one of the best-positioned security firms" in the sector. The investment firm cited CrowdStrike's broad portfolio and its success with high-growth products as key factors supporting their bullish stance. Notably, these high-growth products now account for approximately 55% of CrowdStrike's net new annual recurring revenue, underscoring the company's strong market position and growth potential in the competitive cybersecurity landscape.
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