More businesses migrating to the cloud for protection is a good thing for CrowdStrike Holdings going forward, MKM Partners said. Analyst Catharine Trebnick initiated coverage of the cloud-based cybersecurity company with a buy rating and a $240 price target, saying in a note to clients that CrowdStrike’s single-agent platform should enable it to lure users and grow recurring revenues over time. “We believe the company is in a league of its own given its ability to balance investment and sustained topline growth of over 55% for the past 10 quarters,” Trebnick wrote, calling the company among the industry’s “most comprehensive” cloud platforms. To be sure, risks lie ahead for CrowdStrike given the competitiveness in the industry and its track record of unpredictable earnings. That said, MKM Partners thinks CrowdStrike is performing better than its peers based on calculations utilizing a combination of revenue growth and FCF margins. If CrowdStrike continues to deliver, a potential 34% jump in its stock price is in store in the near-term — based on the firm’s price target and Thursday’s close price. “CrowdStrike is able to extend its capabilities by leveraging a single-agent, common platform, and centralized data sets,” she said. “The cloud-native platform provides fast integration for new or acquired technologies and enters markets that are poised for disruption.” CrowdStrike shares are off by roughly 13% this year and sit 40% off their 52-week highs. — CNBC’s Michael Bloom contributed reporting