JFrog price target raised to $52 from $46 at KeyBanc

KeyBanc raised the firm’s price target on JFrog (FROG) to $52 from $46 and keeps an Overweight rating on the shares. The firm notes JFrog reported a strong Q2, with Cloud revenue growth of 45% year-over-year, materially above consensus of 36% year-over-year, as the security sale gains steam and robust usage in Q1 carried into Q2 and converted into higher annual commits. It also appeared to be another good quarter for large deals, given a 13-point acceleration in RPO. Given the strong 2Q performance, 2025 Cloud revenue guide was raised from 32% year-over-year to 35% year-over-year, at the midpoint, and continues to exclude usage overages and the largest deals, keeping the second half of the year outlook conservative, in KeyBanc’s view.