Morgan Stanley analyst Sanjit Singh started PagerDuty (PD) with an Equal Weight rating and $47 price target, stating that he views the company as the leader in an over $25B opportunity to employ sophisticated machine learning to detect major IT outages as they occur and mobilize the human response needed. However, he also believes that 30%+ revenue growth thru 2020 looks factored in at the stock's current levels. Singh calls out growing competition as the key risk facing PagerDuty with Splunk (SPLK) and Atlassian (TEAM) having entered the market in 2018 via acquisitions of PagerDuty competitors.