KeyBanc Downgrades Datadog (DDOG) to Sector Weight

KeyBanc analyst Michael Turits downgraded Datadog (NASDAQ: DDOG) from Overweight to Sector Weight.

The analyst comments "We are downgrading cloud focused observability leader Datadog to Sector Weight from Overweight. DDOG has been among our "high quality" growth stories as a pure SaaS leader in the critical IT observability market, an agile organic and inorganic innovator both advancing its core capabilities and adding adjacencies like security as the market has evolved, and an impressive financial performer at a "rule of >50" in 2023E (consensus 33% revenue growth, 21% FCF margin). We downgrade DDOG to Sector Weight from Overweight to get more selective around growth and "cloud enablers," and with DDOG our highest multiple name at 11.9x EV/C23E revenues..."

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

Shares of Datadog closed at $79.46 yesterday.

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