Dynatrace Inc. (DT) PT Lowered to $72 at Rosenblatt

Rosenblatt analyst Blair Abernethy lowered the price target on Dynatrace Inc. (NYSE: DT) to $72.00 (from $81.00) while maintaining a Buy rating.

The analyst commented, "Dynatrace is set to report Q3/FY22 results (ending December 31st) on February 2nd before market open. With this note, we are previewing our unchanged estimates and are expecting at least 31% Subscription growth (potentially several points better), driven by the seasoning of Dynatrace’s ~45% step-up in go-to-market investments this year, estimated NER of ~125%, and continuing strong end-market demand. While retiring CEO John Van Siclen was replaced by Rick McConnell in mid-December after a thorough search process, we continue to expect another quarter of strong execution by Dynatrace. Given recent rate increases and comparable software multiple compression, however, we taking this opportunity to trim our target price to $72 (was $81), but remain a Buy on Dynatrace at current levels."

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