每日投资策略 2026 年 2 月 11 日 招银国际环球市场 | 市场策略 | 招财日报 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 27,183 | 0.58 | 6.06 | | 恒生国企 | 9,243 | 0.81 | 3.69 | | 恒生科技 | 5,451 | 0.62 | -1.18 | | 上证综指 | 4,128 | 0.13 | 4.02 | | 深证综指 | 2,702 | 0.05 | 6.75 | | 深圳创业板 | 3,321 | -0.37 | 3.66 | | 美国道琼斯 | 50,188 | 0.10 | 4.42 | | 美国标普 500 | 6,942 | -0.33 | 1.41 | | 美国纳斯达克 | 23,102 | -0.59 | -0.60 | | 德国 DAX | 24,988 | -0.11 | 2.03 | | 法国 CAC | 8,328 | 0. ...

Investment Rating - The report maintains a "BUY" rating for Datadog (DDOG US), indicating a potential return of over 15% over the next 12 months [20]. Core Insights - Datadog reported total revenue of US$953.2 million for 4Q25, reflecting a 29.2% year-over-year growth, which is 4% above both the forecast and Bloomberg consensus [1] - The company experienced strong revenue growth from both non-AI customers and AI-native customers, with non-GAAP net income after tax adjustments reaching US$217.4 million, up 22.5% year-over-year [1] - For 2025, total revenue is projected to grow by 27.7% year-over-year to US$3.4 billion, with a non-GAAP operating profit margin (OPM) of 22.4% [1] - Management has guided for 1Q26 revenue growth of 25-26% year-over-year, with a conservative full-year revenue growth forecast of 18-20% for 2026 [1] Financial Performance - Datadog's platform had over 32,700 customers by the end of 4Q25, a 9% increase year-over-year, with significant growth in large customers [8] - The company reported a remaining performance obligation (RPO) of US$3.46 billion, up 52% year-over-year, indicating strong future revenue visibility [8] - The net dollar-based retention rate was approximately 120% in 4Q25, consistent with the previous quarter and up from high-110% in 4Q24 [8] Revenue Forecasts - Revenue projections for FY26E are set at US$4.1 billion, representing a year-over-year growth of approximately 18-20% [10] - Adjusted net profit for FY26E is expected to be between US$779.2 million and US$792.7 million, with an adjusted EPS of US$2.08-2.16 [10] Target Price and Valuation - The target price for Datadog has been adjusted to US$196.9 from US$203.7, based on a valuation of 16.3x 2026E EV/sales [1][2] - The current price of Datadog is US$114.01, indicating a potential upside of 72.7% to the target price [2]

Datadog (NASDAQ: DDOG) stock posted huge gains in Tuesday's trading. The company's share price surged 13.7% despite a 0.4% drop for the S&P 500 and a 0.6% drop for the Nasdaq Composite in the session. Datadog published its fourth-quarter results before the market opened this morning and delivered sales and earnings that beat Wall Street's targets. The company also issued strong forward guidance. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, c ...

现金流方面，运营现金流为3.27亿美元，自由现金流为2.91亿美元。截至2025年12月31日，现 金及有价证券总额为44.7亿美元。 公司关键客户增长客观。截至2025年12月31日，年化经常性收入超过100万美元的客户数量达 603家，较2024年同期的462家增长31%。年化经常性收入超过10万美元的客户数量约为 4,310家，较2024年同期的3,610家增长19%。 基于截至2026年2月10日的信息，公司提供了对于2026财年的业绩展望。2026年第一季度营收 预计介于9.51亿至9.61亿美元之间，市场共识预期为9.3408亿美元。 Non-GAAP运营收入预计介于1.95亿至2.05亿美元之间。Non-GAAP每股收益预计介于0.49至 0.51美元之间，市场共识预期为0.52美元。 2026年全年营收预计介于40.6亿至41.0亿美元之间，市场共识预期为41.0亿美元。Non- GAAP运营收入预计介于8.40亿至8.80亿美元之间。Non-GAAP每股收益预计介于2.08至2.16 美元之间，市场共识预期为2.34美元。 监控与安全平台 Datadog(DDOG.US) 发布2025年第四 ...

Welcome back to Market on Close. I'm Marley Caden here in Chicago alongside Sambatis at the New York Stock Exchange. Some final thoughts on the session today.We got retail sales figures this morning coming in flat month over month. They fell short of estimates and sent yields lower. Although the markets didn't react too much, spending during the December holiday shopping season slowed significantly to stay in line with November spending.While economists expected an increase of about 4/10en of a percent on a ...

Economic Indicators - Nonfarm payrolls are expected to increase by +68,000 in January, with the unemployment rate remaining unchanged at 4.4% [1] - Average hourly earnings are projected to rise by +0.3% month-over-month and +3.7% year-over-year in January [1] - Initial weekly unemployment claims are anticipated to decrease by -7,000 to 224,000 [1] - Existing home sales in January are expected to decline by -4.3% month-over-month to 4.16 million [1] - January CPI is expected to rise by +2.5% year-over-year, with core CPI also expected to increase by +2.5% year-over-year [1] Retail Sales and Employment Costs - US December retail sales were unchanged month-over-month, falling short of expectations of +0.4% [2] - The employment cost index for Q4 rose by +0.7% quarter-over-quarter, which is the smallest increase in 4.5 years and below the expected +0.8% [2] Stock Market Performance - Stock indexes experienced mixed trading, with the Dow Jones reaching a new all-time high while the S&P 500 closed down -0.33% and the Nasdaq down -0.56% [6][5] - The broader market initially found support from weaker-than-expected retail sales and employment cost index reports, which lowered bond yields [5] Earnings Season Insights - Over half of the S&P 500 companies have reported earnings, with 78% beating expectations [7] - S&P earnings growth is expected to rise by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth [7] - Excluding the Magnificent Seven tech stocks, Q4 earnings are projected to increase by +4.6% [7] Interest Rates and Bond Market - The markets are pricing in a 23% chance of a -25 basis point rate cut at the next Federal Reserve meeting [8] - The 10-year T-note yield fell to a 3.5-week low of 4.13%, supported by weaker-than-expected economic reports [9] Sector Performance - AI-infrastructure stocks faced pressure, with Western Digital down more than -7% and other tech stocks also declining [12] - Wealth-management stocks dropped significantly, with Raymond James Financial down more than -8% due to concerns over AI disruption [13] - Homebuilding stocks rose after the drop in mortgage rates, with Toll Brothers up more than +6% [14] Company-Specific Developments - Goodyear Tire & Rubber Co reported Q4 adjusted EPS of 39 cents, below the consensus of 49 cents, leading to a decline of more than -14% [15] - Incyte forecasted dull-year total net product revenue of $4.77 billion to $4.94 billion, causing a drop of more than -8% [16] - Spotify reported a record 38 million monthly active users in Q4, leading to a rise of more than +17% [17]

DataDog Surges 15% After Q4 Results - Moby BREAKING NEWS Datadog, a data security and monitoring firm, is up almost 15% today after beating the Street’s estimates on its fourth-quarter results. Revenue came in around $953 million, up about 29% year over year. EPS beat expectations by roughly 6 to 7 percent, and forward guidance landed at $4.06 to $4.10 billion, a touch below prior consensus around $4.11 billion. Wall Street didn’t seem to care. The stock jumped to $130.47 from recent lows near $105.7. ...

Datadog (DDOG) shares ended roughly 15% higher on Tuesday after the observability service for cloud-scale applications came in handily above Street estimates for its fiscal Q4. As investors cheered the constructive release, DDOG soared past its 20-day moving average (MA), signaling the upward momentum could sustain in the near-term. Versus its November high, Datadog stock remains down about 35%, indicating long-term investors may still have time to initiate a position in this fast-growing artificial inte ...

Core Insights - Datadog, Inc. reported fourth-quarter earnings that exceeded analyst expectations, resulting in a more than 13% increase in shares during premarket trading [1] - The company posted adjusted earnings per share of $0.59, surpassing the analyst estimate of $0.55, while revenue grew 29% year over year to $953 million, exceeding the consensus forecast of $917.01 million [1] Customer Growth - Customer growth remained strong, with 603 customers generating annual recurring revenue of $1 million or more, representing a 31% increase from 462 customers a year earlier [2] Future Guidance - For the first quarter, Datadog guided revenue between $951 million and $961 million, exceeding analyst expectations of $935 million, although the adjusted EPS guidance of $0.49 to $0.51 fell short of the $0.54 consensus estimate [2] - For fiscal year 2026, the company projected revenue of $4.06 billion to $4.10 billion, slightly below the analyst consensus of $4.11 billion, and forecast adjusted EPS of $2.08 to $2.16, compared to expectations of $2.41 [3]

Datadog Inc (NASDAQ: DDOG) is rallying this morning after the cloud-based observability firm posted its fourth-quarter report that, on the surface, appeared to be a clean beat. The company reported $9... ...