Adding CrowdStrike stock to a portfolio can provide much-needed protection in this uncertain environment, Morgan Stanley said Monday. Analyst Hamza Fodderwala has upgraded cybersecurity stock to overbought from balanced, noting that demand for the company’s services has remained steady despite the deteriorating macroeconomic outlook. The analyst also raised his share price target to $215 per share from $195, implying a 32.6% gain from Friday’s close. “As a next-generation SaaS security platform, CrowdStrike is a leading beneficiary of the growing secular trends in the security sector,” Fodderwala wrote in a note to clients. “Security remains a top priority due to increasing cyber threats and is by far the most defensive spending area of IT budgets.… Core Endpoint Detection and Response (EDR) Platform CrowdStrike’s core has a particularly important mission to take the lead in helping to protect against breaches.” He added: “As we head into the year, we’re not very positive about the name due to today’s competitive risks. As it grew, uncertainty regarding deceleration rates and high expectations was incorporated into CRWD valuations at the time. “Since then, our channel work has shown limited signs of a slowdown in CrowdStrike’s share gains, and there is growing evidence of [total addressable market] expand beyond their core endpoint security market. “Shares of CrowdStrike have fallen 20.8% this year as growth companies have fallen out of favor due to rising interest rates. Shares are also 45% below their November record high, however. That drop has created an attractive entry point for investors, according to Fodderwala.