TD Cowen raised the firm’s price target on Datadog to $140 from $130 and keeps an Outperform rating on the shares. The analyst says Datadog is the firm’s best idea for 2024 in the sector. The company is a clear leader in observability and is the number one beneficiary from tool consolidation onto a single platform, a trend that is accelerating, the analyst tells investors in a research note. Coming off the strong Q3 and guidance, the firm sees reacceleration likely in Q4 and mid-20s growth in 2024.
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