Piper Sandler raised the firm’s price target on Couchbase (BASE) to $20 from $16 and keeps an Overweight rating on the shares. The firm notes Q1 results were solid with ARR growing 21% year-over-year to $252M, which equates to a record $14M of net new ARR quarter-over-quarter, with the $7.7M beat to the midpoint of guidance driven by strategic account momentum, strong Capella adoption, solid execution, and FX tailwinds.
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