JFrog price target raised to $57 from $52 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on JFrog (FROG) to $57 from $52 and keeps an Overweight rating on the shares after attending JFrog swampUP in Napa, CA. After discussions with many attendees, the firm believes developer headcounts are unlikely to meaningfully decline, but rather sees limited growth going forward as the DevOps industry realizes efficiencies from AI and code gen tools. KeyBanc views this as a slight negative for its DevOps coverage, particularly for GitLab (GTLB) and a lesser extent Atlassian (TEAM). That said, the firm comes away incrementally positive on JFrog given its potentially insulated licensing model, momentum with Security, and opportunities with MLOps.