JMP Securities analyst Patrick Walravens lowered the firm’s price target on HashiCorp to $38 from $54 but keeps an Outperform rating on the shares. The company reported strong Q3 results as cloud-hosted services revenue grew 140% and its RPO growth accelerated to 50% from 48%, the analyst tells investors in a research note. Walravens continues to like HashiCorp as it is fundamental to big enterprise’s cloud transitions and offers a multi-product portfolio that is consumed by a common buying center, though his reduced price target reflects updated enterprise value multiple of 11.2-times expected 2023 revenue vs. 17.2-times prior.
Published first on TheFly
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