BofA raised the firm’s price target on DigitalOcean (DOCN) to $28 from $25 and keeps an Underperform rating on the shares following quarterly results. While the firm acknowledges that some wins from cloud competitors and multi-year contracts are favorable, BofA remains bearish as it does not yet see a clear path toward revenue re-acceleration. Early 2025 thoughts imply acceleration, while NDR is not expected to inflect in early 2025, the firm adds.
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