JFrog price target raised to $46 from $36 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on JFrog (FROG) to $46 from $36 and keeps an Overweight rating on the shares. The firm notes JFrog reported a nice finish to the year, with Q4 Cloud revenue growth of 37% solidly ahead of consensus of 30% year-over-year driven by large deals, smaller migrations in the quarter, and $1.3M benefit from migrating self-hosted customers to a cloud hosted database product. 2025 initial guidance came in largely in line across the board, though Cloud growth guide of 30%-32% was above Street estimates of 29% year-over-year, KeyBanc adds. The firm is encouraged by the large deal activity in the second half of 2024, including security momentum, especially considering a more conservative guidance framework for 2025.