Investors looking to ride out the recession in the security space should consider putting their money in CrowdStrike , research firm Stephens said. “We believe CRWD is one of the most well-positioned security vendors in a recessionary environment given its comprehensive platform (enabling vendor consolidation and cost savings) and strong competitive positioning within some of the highest-priority and fastest-growing areas of security,” wrote analyst Brian Colley in a note to clients Thursday. Colley maintained his overweight rating on CrowdStrike and named the cloud-based cybersecurity stock a best idea, replacing Ping Identity . At the same time, Colley upped the firm’s price target on CrowdStrike to $236 a share from $232, which implies that shares could rally another 21% from Wednesday’s close. According to Colley, CrowdStrike should continue to gain share in the endpoint security market. “We believe the stock remains attractive at 12.8x EV/CY23 ARR as we expect CRWD to continue to deliver best-in-class growth and FCF while innovating at a rapid pace,” he wrote. Shares of CrowdStrike have dipped nearly 5% this year. — CNBC’s Michael Bloom contributed reporting
