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HashiCorp resumed with a Neutral at CitiI

Citi resumed coverage of HashiCorp (HCP) with a Neutral rating and $35 price target. Acknowledging the FTC issued a second request for information, the firm sees little likelihood of another bidder or the pending IBM (IBM) deal failing. The analyst believes HashiCorp’s model transition and aspirations to return to 20% sales growth, concurrent with improving profitability, appear more attainable inside a large entity like IBM.

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