DA Davidson keeps a Buy rating and $30 price target on Couchbase after meeting with its managent team, noting however that the discussion has left the firm with belief that business trends are tracking more in-line with historical norms thus far in the quarter. Consumption growth trends remain positive, while Capella trends across new logo adds, existing customer migrations, and dollar-based net retention rate all remain strong as well, the analyst tells investors in a research note. The firm anticipates Couchbase to report a strong bounce back in Q2 and views the stock as “oversold” at just 3-times on enterprise value to expected 2025 revenue basis.
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