JPMorgan ‘tactically cautious’ into JFrog Q4 results

JPMorgan analyst Pinjalim Bora raised the firm’s price target on JFrog to $29 from $28 and keeps an Overweight rating on the shares. The analyst, however, is "tactically cautious" heading into JFrog’s Q4 earnings report. The shares have outperformed year-to-date, creating a "tricky setup" for the stock heading into the print, the analyst tells investors in a research note. The firm feels Q4 will "likely be fine," but says the company’s 2023 guidance "might disappoint." It expects the company to provide "very conservative first-blush" guidance, likely below consensus as the growth rate in 2022 benefitted from a price increase.