Stifel upgraded Datadog to Buy from Hold with a price target of $140, up from $98. The firm states that its recent Datadog customer survey focused on growth expectations, usage trends, security adoption, and GenAI interest indicated that installed-base optimization showed a marked decline of about 38% vs. 50% in its prior two surveys and about half of the customers still optimizing indicated they were close to completing their optimizations, which is an improvement from 8% in the last survey. This is in line with the current consumption commentary and bodes well for Datadog’s FY24 growth, Stifel stated. The firm added that after a volatile 2023, given the current consumption trends and a stable macro backdrop, it expects Datadog to post 25% 2024 revenue growth.
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