Morgan Stanley analyst Sanjit Singh raised the firm’s price target on Datadog to $110 from $100 and keeps an Overweight rating on the shares. Revenue growth sustained at 25% year-over-year in Q3, ending a streak of five consecutive quarters of year-over-year deceleration, while Q4 guidance “allayed fears” that Datadog would struggle to sustain 20%-plus growth, the analyst tells investors in a post-earnings note. With consumption trends improving in Q3 and getting better in October, the case for sustained growth in 2024 “looks clearer,” the analyst added.
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