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DA Davidson Upgrades Datadog to Buy, Boosts Price Target to $140 on Long-Term Growth Prospects
Oct 1, 2024 2:26 PM - Davit Kirakosyan
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DA Davidson analysts upgraded Datadog (NASDAQ:DDOG) to Buy from Neutral, raising the price target on the stock to $140 from $115.
The analysts explained that Datadog is well-positioned to maintain 20%+ growth into 2025 and beyond, making it a top pick for long-term investment. As a leading player in the observability space, Datadog benefits from strong competitive advantages, which the analysts believe will help sustain its high growth trajectory. Observability remains mission-critical for enterprises, and Datadog’s leadership in this area is reinforced by insights from industry checks.
In the near term, the analysts are also encouraged by positive signals from the company's package download data, indicating potential upside. They view Datadog as a "best in class" company, deserving of the Buy rating and higher price target.
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