Couchbase price target raised to $21 from $20 at Morgan Stanley

Morgan Stanley analyst Sanjit Singh raised the firm’s price target on Couchbase to $21 from $20 and keeps an Equal Weight rating on the shares after Couchbase delivered a roughly 1% beat on total ARR, resulting in 23% constant currency year-over-year growth in Q3. Couchbase is set to deliver three straight years of 20%-plus ARR growth while also narrowing margin losses in FY24, notes the analyst, who says next week’s investor day could be a catalyst for the shares.