FMP
Canaccord Genuity Raises DigitalOcean Price Target to $48, Stock Soars 8%
Oct 5, 2024 12:48 AM - Davit Kirakosyan
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Canaccord Genuity analysts increased their price target on DigitalOcean (NYSE:DOCN) to $48 from $42 while maintaining their Buy rating. The company shares closed with more than an 8% gain on Friday.
The analysts expressed optimism that the company could achieve broader cloud market growth rates of around 23% in the coming years, driven by its efforts to scale its core business and expand its AI offerings. The analysts also raised top-line estimates starting in Q3 2025, highlighting that current valuation does not fully reflect this growth potential.
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