Bank of America upgrades Datadog to Buy with a $155 price target, citing strong growth potential.

From Investing.com: 2024-05-30 09:08:02

Bank of America upgraded Datadog, Inc. to Buy from Neutral with a price target of $155, citing strong performance and growth potential.

Datadog is recognized for its potential as a leading large-cap stock, with a $53 billion market opportunity and 22 products.

Bank of America expects Datadog to maintain strong revenue growth and free cash flow margins.

Strong user engagement growth in April and high spending from existing customers in Q1 2024 signal revenue growth ahead.

The upcoming customer conference DASH on June 25-26 is seen as a catalyst for Datadog’s integration with AI themes and growth potential.

Analysts expect Datadog to continue outperforming revenue and margin guidance with a positive demand outlook.



Read more at Investing.com: Datadog lifted to Buy at Bank of America as it establishes itself as the ‘next high quality large cap stock’ By Investing.com