UPDATE: KeyBanc Starts HashiCorp Inc (HCP) at Sector Weight

(Updated - January 3, 2022 4:36 AM EST)

KeyBanc analyst Michael Turits initiates coverage on HashiCorp Inc (NASDAQ: HCP) with a Sector Weight rating.

The analyst comments "With accelerating cloud growth and IT platform modernization Year-2 post-COVID, we’re positive on the NT and secular outlook for multi-cloud infrastructure management vendor HashiCorp. With its industry standard Terraform infrastructure-as-code (IaC) cloud provisioning and Vault zero-trust secrets management, Hashi has strong prospects for becoming the dominant independent cloud management platform. However, with execution risk broadening in security, networking, and application deployment into a more strategic platform; the challenge of open-source monetization; and forecast for ongoing steep losses, coupled with the recent instability of software valuations, at 42.1x EV/CY22E revs, we look for a more attractive entry point."

For an analyst ratings summary and ratings history on HashiCorp Inc click here. For more ratings news on HashiCorp Inc click here.

Shares of HashiCorp Inc closed at $91.04 yesterday.

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