An earlier version of this story misstated the analyst’s price-target change. It has been corrected.
Shares of CrowdStrike Holdings Inc.
are up 3.3% in premarket trading Tuesday after Goldman Sachs analyst Heather Bellini upgraded the stock to neutral from sell but lowered her price target to $55 from $66. Bellini had moved to a sell rating in October, arguing that the stock looked pricey based on a ratio of enterprise value to calendar 2020 “blue sky” revenue. “We continue to view CrowdStrike as a leading next-generation endpoint security vendor with a differentiated, cloud native architecture relative to the competition and with the stock down 23% since our 10/11 downgrade to sell (S&P 500
+4% over the same time period and its comp group down 6%), we see risk/reward as more balanced,” she wrote. Shares are off 50% over the past three months, as the S&P 500 has increased 7%.
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