BTIG Starts HashiCorp Inc (HCP) at Buy, 'Near Dominant IaC Player with Market Expansion Potential'

BTIG analyst Gray Powell initiates coverage on HashiCorp Inc (NASDAQ: HCP) with a Buy rating and a price target of $37.00.

The analyst comments "We are initiating coverage on HCP with a Buy rating and a $37/share price target. As part of our normal efforts to ramp on any new stock, we spoke with company management, read through a number of industry reports, and most importantly – conducted our own independent field checks with six contacts (customers, partners, and industry analysts) over the last few weeks In short, we think HCP is well positioned as the near dominant player in the rapidly growing infrastructure as code (IaC) market. In addition, as a foundational layer to the deployment of cloud infrastructure and development of new applications, we think HCP has a strong opportunity to expand into tangential markets – most notably security and also networking. These dynamics were all confirmed in our field discussions. And ultimately, we left our work with a good degree of confidence in HCP’s ability to meet or exceed Street estimates over the next three years. Trading at 6.5x CY24E EV/sales with 25%+ LT growth potential, we see a compelling risk reward."

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 $28.15 yesterday.

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