Piper Sandler starts coverage on HashiCorp with 'neutral'

Hashicorp

12/04/2022 10:10

** Piper Sandler initiates coverage on cloud software vendor
 HCP.N  with "neutral" rating and PT of $59 as open-source
ownership creates large developer ecosystem
    ** Says offering an open-source version of all products
widens "top-of-the-funnel" opportunities, letting co target
developers and enterprises
    ** Adds there is risk of enterprise customers using
underlying open-source code and building their own features
    ** "We have some concerns with potential lumpiness in the
model between open-source monetization and consumption options"
- Brokerage
    ** Seven of 13 brokerages rate stock "buy" or higher and six
"hold"; their median PT is $62.50 - Refinitiv
    ** Shares down ~41% this year, as of last close

 (Reporting by Subhadeep Chakravarty in Bengaluru)
 ((subhadeep.chakravarty@thomsonreuters.com))