Morgan Stanley downgraded JFrog from Overweight to Equal-Weight on July 21, 2026. The rating change follows a successful period for the firm's thesis regarding AI-powered software development.
Analyst Sanjit Singh raised the price target for FROG shares to $95 from $80. The firm maintains a positive outlook on JFrog's business fundamentals.
The downgrade reflects a more cautious stance on near-term upside potential. Morgan Stanley noted that the current stock price already incorporates much of the company's positive growth trajectory.