Dynatrace price target raised to $58 from $52 at Macquarie

Macquarie raised the firm’s price target on Dynatrace to $58 from $52 and keeps a Neutral rating on the shares. The company reported a “better” Q3, beating and raising most points, though it lowered FY24 annual recurring revenue, or ARR, constant currency growth guidance, the analyst noted. The firm thinks Dynatrace de-risking guidance for larger, longer sales “makes sense,” says the analyst. The firm’s higher target gives Dynatrace credit for execution and greater profitability, the analyst added.