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Oppenheimer Lifts DigitalOcean Holdings PT to $100 From $70. Stock Closed 5.85% Lower
Sep 24, 2021 10:41 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
Analysts at Oppenheimer increased their price target on DigitalOcean Holdings, Inc. (NYSE:DOCN) to $100 from $70 on accelerating key metrics, mentioning the following main points:
(1) Accelerating metrics such as retention and ARPU,
(2) valuation and capex spending trends versus competitors,
(3) short-term catalyst of the lock-up expiration,
(4) competitive moat around the SMB- focused niche that DOCN has carved out,
(5) ability for the company to balance growth and profitability over the long-term.
The brokerage increased its FY22/FY23 revenue/EBITDA estimates and believes these are conservative and revenue growth could accelerate to over 40% within 2–3 years.
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