Why Datadog Stock Jumped Today

What happened
Shares of Datadog (NASDAQ:DDOG) jumped today, up by 6% as of 12:45 p.m. EST, after a Wall Street analyst initiated coverage on the company. Truist Securities has started Datadog stock with a buy rating and assigned a price target of $120, which represents 21% upside from yesterday’s close.
So what
Analyst Joel Fishbein acknowledges that Datadog is currently trading at lofty valuation multiples but believes that the company’s strong growth and leadership in the growing observability market…

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