Couchbase price target raised to $26 from $25 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on Couchbase to $26 from $25 and keeps an Outperform rating on the shares. The company’s Q3 results were “solid”, highlighted by 23% constant currency ARR growth and 19% revenue growth, along with a FY24 guidance raise, the analyst tells investors in a research note. RBC furthe cites accelerating momentum in Capella, with improved consumption trends, solid pipeline activity, healthy new customer wins, and expansions.