Piper Sandler analyst Rob Owens raised the firm’s price target on JFrog to $33 from $31 and keeps a Neutral rating on the shares. Looking ahead to 2024, security again remains the top spending priority, seeing higher spending intentions than prior years on the heels of major breaches/ransomware attacks in 2023 as well as increased breach disclosure requirements, the firm says. Further, Piper believes normalization of cloud spend with an underlying AI-workload kicker sets the group up well for 2024.
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