HashiCorp initiated with a Buy at BTIG

BTIG analyst Gray Powell initiated coverage of HashiCorp with a Buy rating and $37 price target. The company is well positioned as the "near dominant player in the rapidly growing: infrastructure as code market, the analyst tells investors in a research note. The firm also thinks HashiCorp has a strong opportunity to expand into tangential markets – most notably security and networking. It has a "good degree of confidence" in the ocmpany’s ability to meet or exceed Street estimates over the next three years.