Oppenheimer upgrades JFrog to Outperform on attractive AI opportunity

As previously reported, Oppenheimer upgraded JFrog (FROG) to Outperform from Perform with a $75 price target following another strong quarter of upside and accelerating Cloud growth. The firm says that in upgrading now, it “took too long” to fully appreciate JFrog’s Artifactory differentiation and ability to expand this sticky customer base into emerging opportunities securing/registering/governing AI/ML models. While late to recognize JFrog’s potential role in AI-related workloads, Oppenheimer believes it is still very early with respect to what it sees as a long tail of AI expansion. Its confidence also reflects management’s improved execution, which the firm thinks can be sustained.