UPDATE: Monness, Crespi, Hardt Upgrades Datadog (DDOG) to Buy
Monness, Crespi, Hardt analyst Brian White upgraded Datadog (NASDAQ: DDOG) from Neutral to Buy with a $100 price target.
The analyst commented, "We are upgrading our investment rating on Datadog to Buy from Neutral with a 12-month price target of $100. Datadog’s stock has come under severe selling pressure in recent weeks as rising interest rates erupted into a destructive growth tantrum. As such, Datadog has fallen 15% thus far in 2021 and plummeted 30% from its all-time high in February. Although the stock remains vulnerable to further collateral damage if this growth rotation continues, we believe the risk-reward is now favorable and the current entry point attractive. Datadog shares similar characteristics to other next-gen companies we have covered over the years, including strong revenue growth, early entry into an emerging software category tied to a powerful secular trend, the development of software that disrupts legacy solutions, an enthusiastic customer base and a large market opportunity."
Shares of Datadog closed at $85.01 yesterday.
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