Datadog price target lowered to $110 from $120 at BofA

BofA analyst Koji Ikeda lowered the firm’s price target on Datadog to $110 from $120 and keeps a Buy rating on the shares after updating the firm’s model to reflect Q4 results and guidance. Following talks with investors after the earnings call, the firm believes the key debate on Datadog centers on how much conservatism is embedded in the 2023 revenue growth guidance, adding that it believes the guidance is fairly conservative and that if the macro does not meaningfully deteriorate further, there should be ongoing estimates revisions to the upside.