Shares of this cloud service provider are attractively priced, the firm said.
Cloud computing platform DigitalOcean is at an attractive entry point, according to Goldman Sachs. Analyst Gabriela Borges upgraded DigitalOcean to buy from sell and maintained her price target of $33, which implies the stock could jump 38.4% over the next 12 months. Borges cited the stock's significant underperformance — DigitalOcean is up nearly 6% this year, while the Nasdaq Composite has gained 30% — as an opportunity for investors. Shares popped 13% on Tuesday.
The analyst estimated that DigitalOcean's organic revenue growth rate, excluding M & A and pricing, has slowed from 36% in the first quarter of 2022 to low-single digits in the third quarter of this year. Borges highlighted positive catalysts ahead for the business, including DigitalOcean's better-than-expected revenue and earnings for the third quarter and the company's contributions from its newer initiatives.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Newly 40, Alexa Chung Shares 40 Pearls of Wisdom With VogueAs Alexa Chung celebrates her 40th birthday, she shares 40 pearls of wisdom with Vogue. The highlights? Remember to moisturize your neck and never drunk text.
Read more »
Goldman says this biotech could become a global cell therapy leader, has nearly 40% upsideThe firm initiated coverage of the stock with a buy rating.
Read more »
Yankees add another catcher to 40-man roster, a hint of more moves to comeThe Yankees now have five catchers on their 40-man roster, a surplus they could utilize in a trade this winter.
Read more »
Northampton police shot and killed 40-year-old man, according to Bucks County DAThe District Attorney's Office did not reveal what led to the shooting, and did not release the name of the officer.
Read more »
Phillies add two pitchers from the Rays to their 40-man rosterThe Phillies claimed left-hander Josh Fleming off waivers, then traded for righty Michael Mercado.
Read more »
40 Percent Of Americans Are Unaware Of The $7,500 Federal Tax Credit: SurveyBlack and Hispanic Americans knew the least about the federal clean vehicle credit but seemed to be the most enthusiastic about an EV purchase.
Read more »