JFrog (FROG) PT Raised to $55 at TD Cowen

TD Cowen analyst Andrew Sherman raised the price target on JFrog (NASDAQ: FROG) to $55.00 (from $50.00) while maintaining a Buy rating.

The analyst comments "FROG (Buy) - Strong 2Q & Guide; This Frog Is Turning Into A Prince - Raising PT to $55 from $50. Cloud growth of 45% above Street at 36% & acceleration vs. 42% in 1Q, driven by Security, conversion of customers who were consuming above commits into larger deals. FY25 revs guide raised from 18% to 19%, Cloud guide raised by 300bp to 34-36% & we think remains conservative. cRPO +43% & accel'd. Security strong traction & we see more in 2H. At ~24x EV/CY27E FCF, we see attractive valuations."

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