JFrog (FROG) PT Raised to $110 at UBS as Checks Point to 'Solid Demand Backdrop'

UBS analyst Radi Sultan raised the price target on JFrog (NASDAQ: FROG) to $110.00 (from $92.00) while maintaining a Buy rating.

The analyst commented, "we've seen an uptick in investor inbounds mainly centered around: 1) the Q2 setup, 2) the durability of ~50% cloud revs growth, and 3) more questions on the impact of AI token optimization on JFrog. We touch on each of these in this note and conclude the setup for FROG is still attractive despite the run in the stock. We remain Buy rated given our checks pointed to a solid demand backdrop, multiple AI tailwinds, few signs of any competitive pressure and we see line of sight to material upward estimate revisions (UBSe 26%/25% revs growth in FY26/27). While the 48x CY27 FCF multiple is not cheap and positioning is a modest incremental risk, we think the narrative can continue improving and remain constructive on JFrog from here. Note, we upgraded JFrog to a Buy in March after speaking with ~15 checks."

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