Morgan Stanley Upgrades HashiCorp Inc (HCP) to Overweight, 'A Cloud Resurgence Starts to Benefit Hashi'

Morgan Stanley analyst Sanjit Singh upgraded HashiCorp Inc (NASDAQ: HCP) from Equalweight to Overweight with a price target of $30.00 (from $23.00).

The analyst said: "Our latest round of industry conversations show further improvement in the cloud demand environment which now appears to be benefitting HCP. The resumption in cloud migration initiatives bodes well for HashiCorp as it plays a central role in helping accelerate and secure the delivery of cloud apps. We expect cRPO bookings to bottom in 4Q and improve throughout FY25 which should translate to 20% revenue growth in FY26 and beyond. While LT debates around monetization and competition have yet to be resolved, we think risk-reward now skews attractive given an improving cloud demand backdrop. Upgrade to OW and raise PT to $30 implying 6.7x CY25 sales or 0.38x adj for growth, inline with CFLT at 0.37."

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 $22.12 yesterday.

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