JFrog price target raised to $41 from $33 at Truist

Truist raised the firm’s price target on JFrog to $41 from $33 and keeps a Buy rating on the shares as part of a broader sector note on Infrastructure and Security Software sectors. The fundamental setup for companies in consensus models are more favorable than they have been in past years due to continued conservatism in management teams’ messaging after they were stung by optimization in cloud spending over the last 18 months, the analyst tells investors in a research note. Truist adds however that investor optimism about potential target rate cuts by the Fed has driven software valuations up significantly from their lows one year ago, and looking out to 2024, the price for execution missteps could be high.