Oppenheimer analyst Ittai Kidron added HashiCorp to his 2023 top picks. His bullish stance is predicated on his belief that HashiCorp can strengthen its position as a mission-critical vendor at the forefront of a multi-year shift to multi/hybrid cloud adoption, see relatively resilient demand amid a challenging macroeconomic environment given its enterprise customer base and long design/implementation cycles, continue to generate growth with its cloud offering, driving a multiple expansion long term. and beat what he views as conservative consensus revenue estimates as it executes on its product strategy and maintains its best-in-class NDER. Kidron believes these factors position the company for a strong 2023 and warrant a premium multiple. Overall, the analyst views HashiCorp as a core long-term holding. He has an Outperform rating on the shares with a price target of $42.
Published first on TheFly
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