Datadog upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Datadog to Overweight from Neutral with a price target of $115, up from $88. The firm believes its thesis around cloud headwinds weighing on upside has largely played out over the past few quarters, with numbers being appropriately reset following last quarter’s guide down. Broad signs of stabilization in infrastructure and DevOps software demand coupled with incremental opportunities around security and artificial intelligence position Datadog to be a “major beneficiary as things improve,” the analyst tells investors in a research note. Piper favors the disruptive nature of the company’s solutions and think its platform play “will continue to resonate.”