PagerDuty downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded PagerDuty to Equal Weight from Overweight with an unchanged price target of $30. While still the leader in incident management, PagerDuty’s growth is likely to slow to low double-digits in fiscal 2025 and a recovery is likely to lag cloud infrastructure peers given its seat-based subscription model, the analyst tells investors in a research note. As such, the firm sees better opportunities over the next 12 months.