HashiCorp upgraded to Outperform at Scotiabank after positive partner talks

As previously reported, Scotiabank upgraded HashiCorp to Outperform from Sector Perform with a price target of $31, up from $21. While admitting that growth has decelerated “very quickly,” the analyst says the firm’s due-diligence leads them to believe the growth deceleration has been driven by a combination of macro and go-to-market challenges and not structural challenges. HashiCorp is addressing these challenges and the firm’s most recent partner conversations surface positive proof points around go-to-market, product messaging and other issues, the analyst tells investors.