Dynatrace price target raised to $70 from $62 at Scotiabank

Scotiabank raised the firm’s price target on Dynatrace to $70 from $62 and keeps an Outperform rating on the shares after attending the company’s Perform 2024 conference in Las Vegas. The analyst came away from the event with renewed optimism and heightened conviction in the firm’s investment thesis on Dynatrace. It is clear that digital transformation continues to drive the need for observability in 2024 and customers view Dynatrace as a strong innovator, with a sticky product and minimal competition for those operating in hybrid-cloud environments, the analyst tells investors in a research note.