Shares of CrowdStrike (CRWD) surged on Wednesday morning after the company reported robust fourth quarter results that beat estimates on both revenue and earnings. The impressive performance has prompted KeyBanc Capital Markets Equity Research Analyst Eric Heath to raise his price target on the stock.
Despite the cybersecurity sector "entering a period of fatigue," Heath commends CrowdStrike's ability to deliver "strong results." He tells Yahoo Finance Live that the company's financial performance "refutes any concerns" investors may have regarding a potential softening in cybersecurity spending.
Heath cites numerous tailwinds propelling the cybersecurity industry forward, including an increasing volume of security breaches, growing security budgets, and "a big need for modern solutions like CrowdStrike." Additionally, Heath highlights Palo Alto (PANW) as another promising cybersecurity stock.

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