BofA lowered the firm’s price target on HashiCorp to $30 from $34 and keeps a Neutral rating on the shares after having attended the company’s analyst day today in conjunction with HashiConf in San Francisco. Management reiterated the long-term revenue target of over $2B and breakeven non-GAAP operating income by the second half of FY25, despite the lower guidance in Q1, and commentary suggested that Q3 is tracking well, the analyst tells investors. The firm is lowering its target given a still unclear path to improving execution and improving macro headwinds, the analyst explains.
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