BUZZ-DigitalOcean rises after Citigroup initiates coverage
ReutersJan 24, 2025 4:48 PM
Shares of cloud computing platform DigitalOcean Holdings DOCN.N rise 8% to $41.80
Brokerage Citigroup initiates coverage with "buy" rating and PT of $45
DOCN has shown ability to not only maintain market share but also deliver sustainable growth as it carves out and focuses efforts on a largely underserviced segment of the market - Citigroup
Citigroup believes DOCN's new leadership comes "with much-needed technical horsepower and experience" to identify customer challenges and satisfy necessary product differentiation
Seven of 14 brokerages rate the stock "buy" or higher, six rate "hold" and one rates "sell"; their median PT is $40, according to data compiled by LSEG
DOCN had fallen 7% in 2024
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