Benzinga | Jul 16, 2021 08:52AM EDT

Mizuho Raises Price Target On Datadog, Fortinet, Rapid7, ServiceNow Betting On Economic Recovery, Cybersecurity Checks

* Mizuho analyst Gregg Moskowitz raised the price target on Datadog Inc (NASDAQ:DDOG) to $115 from $96, implying an 11.13% upside, and maintained a Buy rating.

* He raised the price target on Fortinet Inc (NASDAQ:FTNT) to $250 from $208, signifying a 2.46% downside, and affirmed a Neutral rating.

* Moskowitz raised the Rapid7 Inc (NASDAQ:RPD) price target to $110 from $92, implying a 9% upside, and reiterated a Buy rating.

* He raised the price target on ServiceNow Inc (NYSE:NOW) to $640 from $590, signifying a 14.58% upside, and maintained a Buy rating.

* The economic recovery and recent software channel checks appeared very healthy overall, Moskowitz noted.

* Companies that enable digitization are still leading the way while many legacy and on-premise technologies continue to normalize.

* Additionally, his cybersecurity checks proved notably strong this quarter.

* Price action: DDOG shares closed lower by 1.14% at $103.48, and RPD shares closed lower by 1.9% at $100.92 on Thursday.