Analysts at Goldman Sachs double-upgraded DigitalOcean to Buy from Sell in a note to clients Tuesday, maintaining a price target of $33 per share on the stock.
Following the note, DOCN shares have jumped more than 11% to over $$26 per share. However, the stock has declined over 26% in the last three months. The Goldman Sachs price target represented a potential 33% increase from Monday's close.
"We believe the business is now approaching a cyclical trough," they added."As macro stabilizes, we believe the structural improvements that DO has made to its mix shift and cost structure will become more obvious, driving better revenue growth and continued FCF margin expansion." The investment bank commented that while we expect the ongoing management transition to remain an overhang until a new CEO is announced, they do not see a material shift in DOCN's strategy.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.
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