Domo price target raised to $8 from $7 at DA Davidson

DA Davidson raised the firm’s price target on Domo to $8 from $7 and keeps a Neutral rating on the shares. The company reported better than expected Q2 results that were underscored by a beat on both top and bottom-line, and the management was optimistic about their opportunity in an evolving data and AI landscape, particularly as they begin to mature their partner relationships with CDWs – Cloud Data Warehouses – such as Snowflake and Databricks, the analyst tells investors in a research note. The firm adds however that it remains cautious around Domo’s competitive positioning within the business intelligence/analytics layer.