Mizuho analyst Gregg Moskowitz upgraded Datadog to Outperform from Neutral with a price target of $155, up from $135. The company appears to be “solidifying its position as a clear leader in the observability market with multiple product areas at scale and newer products growing rapidly,” the analyst tells investors in a research note. In addition, the firm’s recent channel checks were “clearly better than expected,” including some larger transactions and greater evidence of vendor consolidation. As a result, Mizuho thinks Datadog has an opportunity to show meaningful revenue upside to the Street’s Q2 estimate, and continues to view the company’s 2024 revenue guide as conservative.
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