Sam Boughedda

Investing.com — Crowdstrike Holdings Inc (NASDAQ:) stock jumped in early Tuesday trading after Goldman Sachs analyst Brian Essex upgraded the company from Neutral to Buy.

In a note, the analyst stated that although the stock’s “rerated lower” over the last seven months along with other high-growth software companies, the fundamentals of the company continue to improve. “Strong execution against the backdrop of unprecedented demand,” he said.

Essex raised Goldman’s CrowdStrike target price to $285 (from $241) and said that Russia-Ukraine is driving increased demand. The company’s position in the “sweet spot of demand” was also mentioned by Essex.

Essex said, “Given the compelling valuation, strong secular demand trends, an outlook which continues to improve on beat and raise results and a CRWD that is being upgraded, we are upgrading CRWD.”

CrowdStrike shares surged more than 8.0% Tuesday and reached a record high of $235.70