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Crowdstrike (NASDAQ:CRWD) received an Outperform rating as Raymond James initiated coverage of the company on Tuesday,
Crowdstrike was assigned a Moderately Aggressive Risk/Wealth Accumulation suitability rating due to how expensive the stock is, Raymond James said in a note. The firm also put a $330 price target on the stock.
As Crowdstrike is roughly half the size of Palo Alto Networks (PANW) and a fraction of the size of Fortinet (FTNT), there remains plenty of runway for Crowdstrike to grow its customer base in the coming quarters and years, according to Raymond James.
Cybersecurity stocks were trading relatively flat by late morning trading on Tuesday. Palo Alto, Fortinet and Zscaler (ZS) barely budged. However, SentinelOne (S) and Rapid7 (RPD), fell by 1% and 2%, respectively.
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