HashiCorp initiated with a Sector Perform, $34 target at Scotiabank

As previously reported, Scotiabank analyst Nick Altmann initiated coverage of HashiCorp with a Sector Perform rating and $34 price target, noting that the firm conducted conversations with 10 customers and partners to formulate its report. HashiCorp’s position as "the control panel for large enterprises undergoing a seismic shift to the cloud is compelling," and the firm believe the company’s "best days are yet to come," but it sees the shares as appropriately valued and seek more conviction around growth durability before recommending shares.