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Wells downgrades Datadog on ‘too aggressive’ 2024 setup

Wells Fargo analyst Andrew Nowinski downgraded Datadog to Equal Weight from Overweight with a price target of $95, down from $120. The analyst believes the company’s setup heading into fiscal 2024 is “too aggressive.” Datadog’s cost optimization trends are still ongoing and 2024 estimates “look high,” the analyst tells investors in a research note.

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