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American Focus > Blog > Economy > Why CrowdStrike Stock Was Climbing Today
Economy

Why CrowdStrike Stock Was Climbing Today

Last updated: September 20, 2024 9:47 am
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Why CrowdStrike Stock Was Climbing Today
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Shares of CrowdStrike (NASDAQ: CRWD) surged today after receiving a positive analyst note from Citigroup. The analyst highlighted that the company has managed to overcome the fallout from a software update incident in July that caused disruptions in various industries, including flights and banking operations.

At 11:11 a.m. ET, CrowdStrike stock was up 4.5% following the news. The bullish rating from Citigroup comes after several other Wall Street firms, including DA Davidson, Evercore ISI, Jefferies, and Truist, reiterated buy ratings on the stock earlier in the week. These firms noted that customer backlash from the software incident has subsided, and the company has demonstrated resilience.

Citi praised CrowdStrike’s management for being transparent about the software update debacle and highlighted the company’s ability to maintain its pricing. The firm reiterated a buy rating on the stock with a $300 price target, representing a 4% increase from the current price. Despite the positive sentiment from analysts, investors should be cautious as the stock is still trading below pre-incident levels.

While CrowdStrike seems to have weathered the storm, the stock remains expensive, and growth was slowing before the outage. If the company can sustain its recovery, the stock may continue to climb, but investors should be mindful of its high valuation and expect continued volatility.

In conclusion, CrowdStrike’s ability to bounce back from the software incident is a positive sign, but investors should exercise caution due to the stock’s valuation. It will be crucial to monitor the company’s performance in the coming quarters to assess its long-term prospects.

*This article was originally published by The Motley Fool.

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