Analyst Boosts JFrog Price Target to $80 on Reaccelerating Cloud Growth and Durable 20%+ Outlook

In a report released yesterday, Andrew Sherman from TD Cowen reiterated a Buy rating on JFrog, with a price target of $80.00.

Andrew Sherman has given his Buy rating due to a combination of factors, including JFrog’s strong cloud momentum and conservative forward outlook. Cloud revenue growth reaccelerated to 50%, materially ahead of expectations, while large customer additions, rising net retention, and higher average deal sizes—particularly from security-driven wins—underscore healthy demand and expanding wallet share.

Andrew Sherman’s rating is based on the view that JFrog’s role at the intersection of AI-enabled software creation and accelerating open source adoption supports durable 20%+ growth and justifies a premium valuation. Management’s track record of consistently beating and raising guidance, coupled with higher long-term revenue targets and an increased price target to $80, reinforces confidence in the company’s ability to compound free cash flow over time.

In another report released on May 1, Robert W. Baird also maintained a Buy rating on the stock with a $78.00 price target.