HashiCorp Inc (HCP) PT Lowered to $60 at Stifel

Stifel analyst Brad Reback lowered the price target on HashiCorp Inc (NASDAQ: HCP) to $60.00 (from $100.00) while maintaining a Buy rating.

The analyst commented, "On 3/10 after the close, HashiCorp reported its first earnings as a public company, delivering upside to expectations across all major metrics. The strong results were driven by healthy customer expansions and extensions, as the company's healthy trailing four quarter NDRR (131%) contributed to growth in the >$100k customer cohort (increasing both count and average revenue per customer), with these high value accounts responsible for 89% of revenue during the quarter.

Looking forward, the combination of strong secular growth stemming from growing hybrid cloud adoption by enterprises, Hashi's proven land, expand and extend strategy, and a rapidly expanding consumption-based offering, should allow HashiCorp to sustain solid +30% top-line growth and drive positive cash flow in the coming years. That said, based on recent multiple compression in the group, we lower our TP to $60."

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