Piper Sandler analyst Brent A. Bracelin initiated coverage on Couchbase, Inc. (NASDAQ:BASE) with an Overweight rating and a price forecast of $22. According to the analyst, the potential for upside includes the possibility of ARR growth reacceleration next year due to a shift towards Capella, improved operating efficiency that could make free cash flow positive next year, and significant market share gains in a large $100 billion market. Additionally, the company has a favorable risk-reward profile with a 3.5x CY26E EV/S and 27x EV/FCF. Bracelin forecasts revenue, margin, and multiple expansio…