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This software stock can rally more than 30% after a post-earnings retreat, TD Cowen says

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Cowen initiated coverage at outperform and set a price target implying a 32.9% upside.

Datadog is a strong company at an attractive entry point following a recent pullback, according to TD Cowen. Analyst Andrew Sherman initiated coverage of the software stock at outperform. His $120 price target implies shares could rally 32.9% in the next year. "We think DDOG is a rare breed given its platform breadth, R & D engine, GTM approach, and mgmt team," he said in a note to clients Thursday, using acronyms for research and development and go-to-market.

mountain Datadog vs. the Nasdaq Composite, year to date — CNBC's Michael Bloom contributed to this report

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