Dynatrace price target raised to $70 from $60 at Needham

Needham raised the firm’s price target on Dynatrace to $70 from $60 and keeps a Buy rating on the shares. Ahead of this week’s Perform user event, the firm notes that its positive outlook on the stock is driven by expectations of the company being able to demonstrate increased traction with Dynatrace Platform Subscription, where it anticipates commentary on the associated average selling price uplift later this year, the analyst tells investors in a research note. Needham adds that it sees the company’s multi-year investments in GSIs “beginning to bear fruit”.