Citigroup raised its price target for Datadog to $270 from $218. The firm maintained its Buy rating on the stock.
Positive channel checks and recent portfolio updates drove the decision. Citi analysts believe these updates are effectively widening the company's competitive moat.
The bank stated that the previous bull case for the company is now the base case. This shift signals strong conviction in Datadog's growth trajectory.
This move follows a series of bullish analyst revisions. Other firms, including Truist, recently upgraded the stock.