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Datadog
2026-08-10 07:32:35

Bernstein Says Datadog’s Q2 May Mark a Growth Peak as H2 Slowdown Comes Into View

Datadog posted a strong second quarter in 2026, with revenue reaching $1.121 billion, up 35.6% year over year and accelerating 340 basis points sequentially, its fastest pace since 2022. The company beat guidance by $46 million and lifted the midpoint of its full-year outlook by more than three times. Even so, Bernstein argues the strength may represent a near-term top rather than the start of another leg higher. In Bernstein’s view, Datadog’s growth is likely to slow modestly in the second half, with revenue expansion falling about 200 basis points to roughly 33%. The firm points to lower usage from what it believes is Datadog’s largest AI customer, OpenAI, after a nine-figure renewal signed early in Q3. Management, according to the report, fully de-risked that account in Q4 guidance by assuming only the contractual minimum spend and no overage. The note also flags softer AWS SSO web traffic data as a possible sign of a temporary Q4 air pocket in non-AI demand. Bernstein still frames that issue as one-off rather than structural. It kept an Market Perform rating on Datadog with a $237 price target, saying the main concern is not business quality but valuation and crowded positioning. The report’s bottom line is simple: Datadog remains a good company, but the stock may already reflect most of the good news expected over the next 12 to 18 months.

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Bernstein Says Datadog’s Q2 May Mark a Growth Peak as H2 Slowdown Comes Into View
Morgan Stanle
2026-08-07 04:02:47

Morgan Stanley Keeps Overweight on DDOG, SNOW and MDB, Warns Expectations Risk Is Building

Morgan Stanley said in an Aug. 6 research note that accelerating growth at the three major cloud providers has improved the demand backdrop for Datadog, Snowflake and MongoDB ahead of earnings, but rising expectations now pose a separate risk. The bank kept Overweight ratings on all three names. The note said combined second-quarter growth for AWS, Microsoft Azure and Google Cloud rose to 48% from 39% in the first quarter, marking a fifth straight quarter of acceleration. AWS grew 37%, its fastest pace in 18 quarters. Azure grew 43%, while Google Cloud grew 82%, with management saying growth still accelerated even excluding the TPU systems revenue impact. Morgan Stanley argued that AI spending is increasingly feeding into core infrastructure demand. At the same time, it said valuations already price in a large share of the bullish case. For Datadog, market expectations for second-quarter revenue growth have climbed to 35% to 36%. Snowflake is seen benefiting from AWS strength, while MongoDB faces a tougher competitive setup as Microsoft’s managed PostgreSQL revenue grew about 55% for a third straight quarter of acceleration. The bank set price targets of $300 for DDOG, $300 for SNOW and $380 for MDB.

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Morgan Stanley Keeps Overweight on DDOG, SNOW and MDB, Warns Expectations Risk Is Building