Dynatrace initiated with an Outperform at TD Cowen

TD Cowen initiated coverage of Dynatrace with an Outperform rating and $57 price target. The analyst likes Dynatrace’s enterprise leadership and new product cycle. The company’s annual recurring revenue guidance is conservative with potential upside from enterprise seasonality and pricing benefits, the analyst tells investors in a research note. The firm thinks the share pullback provides a solid entry point.