Datadog's Strong Q3, Outlook Prompts JP Morgan Upgrade

Seekingalpha2023-11-08

Cloud monitoring company Datadog (NASDAQ: DDOG) reported strong third-quarter results and a healthy outlook for the coming quarter on Tuesday, prompting an upgrade from investment firm JP Morgan....

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Susan Chia
2023-11-08
Susan Chia
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Analy","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"DDOG":"Datadog"},"translate_title":"Datadog强劲的第三季度前景促使摩根大通升级","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DDOG":1.1},"content_text":"Cloud monitoring company Datadog (NASDAQ: DDOG) reported strong third-quarter results and a healthy outlook for the coming quarter on Tuesday, prompting an upgrade from investment firm JP Morgan.Analyst Mark Murphy raised his rating on Datadog (DDOG) shares to overweight from neutral and boosted his price target to $115 from $90, noting that after a period of weak guidance, the company has proven its worth in the observability platform space.\"We appreciate that DDOG shares are likely seeing short-squeeze activity today due to a string of very recent downgrades and broader disappointments among cloud consumption names, and this poses some near-term risk, but our view is longer-term, and we do not see the stock revisiting its prior lows again in the near-term horizon,\" Murphy wrote in an investor note.Datadog (DDOG) shares jumped more than 28% on Tuesday following the results.Murphy added that Datadog's (DDOG) valuation is \"somewhat challenging,\" so in the short-term, he advised investors to be patient and accumulate shares during pullbacks, especially below the $100 level.In addition, Murphy said that after a period of cloud customers at the big hyperscalers, such as Amazon (AMZN) Web Services, Microsoft (MSFT) Azure and Google (GOOG) (GOOGL) Cloud Platform, focusing on optimization, it looks as if this is likely to end by the end of the year, or at worst, \"very early\" in 2024.\"[It] is not a dramatic, wholesale change in the environment, but this signaling and the Q3 results seem to support a view that the worst period of revenue [deceleration] for Datadog is probably behind us,\" Murphy explained.Analysts are largely bullish on Datadog (DDOG). It has a BUY rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. 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