Datadog stock surges on bullish analyst upgrades and positive market sentiment

Datadog's stock price is on the rise following an upgrade from UBS analyst Karl Keirstead. Keirstead has increased his rating on the stock from Neutral to Buy and raised his price target from $120 to $150, indicating an upside potential of approximately 18%. Other analysts, including Sanjit Singh from Morgan Stanley, also share a positive outlook on the stock.

Positive Outlook on Datadog

The positive sentiment surrounding Datadog is reflected in its stock performance, with a 3% increase in premarket trading and a 12% climb so far this month. Analysts attribute this upward trend to a broader optimism on Wall Street. Keirstead's bullish stance is influenced by anticipated growth in the AWS and Azure cloud infrastructure sectors, which he believes will benefit Datadog. Singh also suggests that the company is well-positioned to benefit from an increase in demand for its services.

Anticipation for Q3 2024 Earnings Report

The upcoming earnings report for Q3 2024 is highly anticipated, as strong growth figures could further drive stock appreciation. The average price target for Datadog is currently $143.71 per share, indicating an 11.53% change from current levels. Overall, Datadog is seen as a compelling investment opportunity with strong growth potential.

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