Datadog price target raised to $120 from $103 at RBC Capital

RBC Capital raised the firm’s price target on Datadog to $120 from $103 and keeps an Outperform rating on the shares. The company’s Q3 results were “strong”, with upside estimates in FY23 guidance raise driven by improving usage trends, the analyst tells investors in a research note. There is an opportunity for growth to accelerate, and the FY24 guidance for Datadog likely starts conservative and builds higher through the year, the firm added.