AI Tailwinds Position JFrog as Core DevOps Infrastructure, Supporting Buy Rating

Analyst Sanjit Singh from Morgan Stanley maintained a Buy rating on JFrog and keeping the price target at $70.00.

Sanjit Singh has given his Buy rating due to a combination of factors that highlight JFrog’s strategic positioning in an AI-driven software world. He views AI as a structural tailwind that will expand the number of developers and dramatically increase the volume of code, models, and binaries moving through the software development lifecycle. In this context, JFrog’s role as the central system of record for binaries and AI models places it at the core of how enterprises will build, secure, and deliver software, underpinning durable, long-term growth. Singh also emphasizes that AI is now a board-level priority, shifting attention to downstream challenges such as security, compliance, and cost governance—areas where JFrog’s platform is directly aligned with customer needs.
Sanjit Singh’s rating is based on his view that customers are standardizing around integrated multi-platform SDLC environments, and JFrog is well positioned to become the connective tissue across these toolchains. He notes that governance is moving earlier in the development process through DevGovOps, with offerings like AppTrust enabling automated policy enforcement inside the pipeline, which should deepen JFrog’s stickiness and monetization potential. In addition, JFrog’s focus on binary-centric security, emerging agent-based workflows, and AI-native capabilities such as JFrog Fly further differentiate its platform as AI adoption scales. Singh ultimately concludes that AI acts as a volume multiplier—driving more developers, more artifacts, and more hybrid/multi-cloud usage through JFrog’s ecosystem—supporting his positive stance on the stock.

In another report released yesterday, BTIG also initiated coverage with a Buy rating on the stock with a $83.00 price target.