What happened

Shares of CrowdStrike Holdings (CRWD 2.03%) were down 3% as of 12:17 p.m. ET on Monday. The stock fell along with the broader market today, especially with CrowdStrike warning in its last earnings report that some customers are pushing back their subscription plans.

Despite the gloomy day on Wall Street, one analyst upgraded CrowdStrike stock to a buy.

So what

Daiwa Securities analyst Stephen Bersey upgraded the stock to a buy with $181 price target. It's unclear what Bersey's specific reasons were for the bullish stance, but after falling 58% from its highs, the analyst obviously likes CrowdStrike's opportunities to deliver more growth in this environment.

CrowdStrike has managed to hold revenue growth above 50% through the third quarter. The company saw strong retention rates with existing customers and expansion with new module adoption on its Falcon platform. 

However, the market is still nervous over management's comments about the macroeconomic environment. Total annual recurring revenue (ARR) grew 54% last quarter but came in below management's expectations, which it blamed on elongated sales cycles with smaller customers and some pushback of subscription start dates with larger customers.

Now what

On the bright side, management sees strong inherent demand for its cybersecurity services. CrowdStrike has a record number of customers contributing over $1 million in net ARR, while it has numerous upsell and cross-sell opportunities with larger customers.

CrowdStrike is not the cheapest stock compared to other leading cybersecurity firms, which means Bersey's bullish call also says something about the company's advantages over its peers. It certainly speaks volumes about CrowdStrike's competitive positioning that 40 U.S. state governments have chosen its Falcon platform for their cybersecurity needs. This is definitely a stock that could be a big winner in the next bull market.