Datadog downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Michael Turits downgraded Datadog to Sector Weight from Overweight without a price target. The analyst expects a "meaningful slowdown" of software spending growth in 2023. The firm is "increasingly selective on higher valuation growth stocks" with vendors and channel partners indicating "very low IT purchasing" in the first half of the year. It downgraded Datadog and upgraded Splunk.