Citi lowered the firm’s price target on Datadog (DDOG) to $200 from $230 and keeps a Buy rating on the shares. The firm believes the 11% selloff in Datadog shares Palo Alto Networks’ (PANW) acquisition of Chronosphere reflects competition and pricing concerns. However, Citi points out Datadog is 20-times bigger than Chronosphere. It views the takeover as “competitively-navigable” for Datadog but cut the stock’s price target to reflect lowered multiples and the “narrative overhang.”
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