As previously reported, Capital One analyst Connor Murphy upgraded MongoDB (MDB), Snowflake (SNOW) and Confluent (CFLT) to Overweight from Equalweight with price targets of $427, $195 and $27, respectively, in conjunction with earnings from sector peer Datadog (DDOG). The analyst, who has been “waiting for the opportune time to capitulate our sentiment,” notes that the trio of stocks have run on Datadog’s commentary, but thinks it is “best to be positioned for at least a better-than-feared 2024 and potentially for a more bullish better-than-expected year in 2024 and into 2025.” There is likely be a multi-quarter recovery ahead, adds the analyst, who sees easier comps for each of the three and more reason to underwrite the potential for reacceleration of revenue growth in 2024 and 2025.
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