CrowdStrike(NASDAQ: CRWD) stock climbed again in Friday's trading. The cybersecurity company's share price closed out the daily session up 2.1%, according to data from S&P Global Market Intelligence.
CrowdStrike published its second-quarter results after the market closed on Wednesday; it delivered better-than-expected performance in the period and guidance that wasn't as bad as some investors had feared. Following the report, CrowdStrike is seeing some bullish coverage from analysts today -- and its stock moved upward in response.
HSBC turns bullish on CrowdStrike
In a note published this morning, HSBC upgraded its rating on CrowdStrike stock from hold to buy. The company also increased its one-year price target on the stock from $302 per share to $339 per share. The firm noted that there's still some uncertainty about what the fallout will be from the massive global computer system shutdown triggered by a software update rolled out on July 19, but its analysts think that CrowdStrike is now moving past the bad news. HSBC's analysts also said that the business is well positioned to capitalize on top cybersecurity trends and that the company's foundations using artificial intelligence give it competitive advantages.
CrowdStrike stock also gets a price-target hike from Bernstein
Bernstein also published a positive note on CrowdStrike today. The firm's lead analyst on the stock, Peter Weed, maintained an outperform rating on the stock and raised his one-year price target from $315 per share to $334 per share. The analyst thinks that CrowdStrike may have emerged from the worst of the headwinds it will face from the outages spurred by its July software update. Despite some uncertainty, Weed said he thinks that some contracts that were pushed further out are still on track to be won by the company.
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HSBC Holdings is an advertising partner of The Ascent, a Motley Fool company. Keith Noonan has positions in CrowdStrike. The Motley Fool has positions in and recommends CrowdStrike. The Motley Fool recommends HSBC Holdings. The Motley Fool has a disclosure policy.
