Datadog Upgraded To Buy: Analyst Highlights Positive Customer Feedback And Growth Prospect
Portfolio Pulse from Lekha Gupta
Stifel analyst Brad R. Reback upgraded Datadog Inc (NASDAQ:DDOG) to Buy from Hold and increased the price target to $140 from $98. The upgrade is based on positive customer feedback, a decline in installed-base optimization, and expectations of increased customer spending. Reback anticipates Datadog to post CY24 revenue growth of ~25%, with guidance starting at ~20%. DDOG shares are trading higher by 0.52% at $114.91.
December 07, 2023 | 8:37 pm
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POSITIVE IMPACT
Datadog Inc was upgraded to Buy from Hold by Stifel analyst Brad R. Reback, with a price target increase to $140 from $98, indicating strong growth prospects and positive customer sentiment.
The upgrade by a Stifel analyst to a Buy rating and a significant increase in the price target are strong positive signals for Datadog's stock. The analyst's findings of improved customer feedback and expectations of increased spending suggest a robust growth trajectory for the company, which is likely to be viewed favorably by investors. The positive outlook on revenue growth for CY24 further supports the potential for stock appreciation in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100