Couchbase price target raised to $19 from $18 at Morgan Stanley

Morgan Stanley analyst Sanjit Singh raised the firm’s price target on Couchbase (BASE) to $19 from $18 and keeps an Equal Weight rating on the shares. ARR growth of 20% constant currency was ahead of expectation and NNARR growth accelerated to 300%-plus on a reported basis, while revenue outperformed by a smaller magnitude, the analyst tells investors. Estimates will likely remain unchanged coming out of the quarter – with the exception of ARR – and investors will monitor for continued signs of Capella escape velocity and estimate revision potential, but the firm views Couchbase as “primed to deliver on both fronts given the resiliency proven in the past six months,” the analyst added.