BMO Capital initiated coverage of Datadog with an Outperform rating and $140 price target. The analyst is positive on the underlying fundamentals of the observability sector, and believes Datadog and Dynatrace will consolidate spend as the category expands. Moreover, the dynamics of the cloud market have meaningfully improved in the past few quarters, which should help with Datadog’s revenue growth in 2024 and beyond, the analyst tells investors in a research note.
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