BofA upgrades ‘underappreciated’ JFrog to Buy

As previously reported, BofA analyst Koji Ikeda upgraded JFrog to Buy from Neutral with a price target of $32, up from $28. He believes JFrog is an "underappreciated" enterprise DevSecOps vendors that is positioned to deliver revenue growth above the infrastructure peer group average, Ikeda tells investors. While the company is not immune to recessionary and macro related headwinds, he believes that end-market demand for JFrog will remain relatively healthy compared to many of its software peers given his belief that enterprises view JFrog’s Platform, and specifically its Artifactory, Advanced Security, and Xray products, as mission critical to manage risk and deliver good end-user outcomes, Ikeda added.