Oppenheimer raised the firm’s price target on JFrog to $48 from $41 and keeps an Outperform rating on the shares. The firm notes JFrog reported strong Q4 results, beating estimates behind accelerating SaaS and strong Enterprise+ revenue growth. Looking forward, Oppenheimer expects JFrog’s new security offerings to drive larger deal sizes and more customer upgrades to Enterprise tiers. It also sees room for Generative AI workloads to drive incremental interest in JFrog as a platform to manage and secure models. Overall, the firm believes the company is set up well for a strong 2024.
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