Shares of Datadog (NASDAQ: DDOG) rallied on Thursday, surging as much as 6.5%. As of 3:20 p.m. ET, the stock was still up 6.1%.

While the rebounding market no doubt played a part in its ascent, the real reason Datadog gained ground was bullish commentary by a Wall Street analyst.

Cantor Fitzgerald analyst Jonathan Ruykhaver initiated coverage of Datadog stock with an overweight (buy) rating. At the same time, the analyst assigned a price target of $95, which suggests potential gains for investors of 34%, compared to Wednesday's closing price.

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Source Fool.com