Oppenheimer upgrades Datadog stock, sees it as a 'core long-term holding'

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By Senad Karaahmetovic

Datadog (NASDAQ:DDOG) should be a core long-term holding, said Oppenheimer analysts in today’s note.

The analysts upgraded DDOG shares to Outperform from Perform with a $105 per share price target.

“The company’s unified, real-time view into the entire technology stack remains mission-critical to developers/enterprises as they focus on identifying/eliminating performance issues. While not recession-proof, the mission-critical nature of its solutions gives Datadog relative resiliency in times of spending constraints,” they said to clients in an upgrade note.

The analysts also weighed in positively on the company’s expansion efforts into security, which facilitates further TAM enlargement.

“Finally, Datadog generates high-teens % FCF and op. margins, while growing revenue at >30% CAGR, bearing positively for the company, as investors focus more on profitability near term,” the analysts added.

All-in-all, Oppenheimer’s analysts say Datadog offers a rare combination of growth and profit, hence today’s move up on the rating scale.

As of 08:45 ET (13:45 GMT), Datadog stock is up 4% in pre-market Wednesday. Shares closed 3.5% higher.