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PagerDuty Surges on Analyst Upgrade and Potential Sale Talks
29 Jul
Summary
- PagerDuty stock rallied 7% on Monday
- Analyst upgrade and price target increase by TD Cowen
- PagerDuty exploring potential sale with Qatalyst Partners
On Monday, shares of PagerDuty, Inc. (NYSE:PD) rallied for a second consecutive day, climbing 7.06% to close at $16.83 per share. The surge in the software company's stock price was driven by two key developments.
First, investment firm TD Cowen raised its price target and recommendation for PagerDuty, upgrading the stock to "buy" from "hold" and increasing the target to $22 from $17. This analyst action provided a boost to investor confidence in the company.
Additionally, Reuters reported on Friday that PagerDuty is exploring a potential sale after receiving interest from buyers. The company is currently working with Qatalyst Partners, a firm known for facilitating software mergers and acquisitions, to facilitate the potential acquisition.
PagerDuty, a California-based software maker, helps businesses monitor their IT systems and respond to cyber incidents and outages. While the article acknowledges the potential of PagerDuty as an investment, it suggests that some AI stocks may hold greater promise for delivering higher returns with limited downside risk.
