Dropbox: Canaccord Genuity raises target after results
(CercleFinance.com) - Canaccord Genuity maintained its "buy" rating on Dropbox and raised its price target to 36 dollars from 35 dollars, saying they were "aggressive buyers" of the stock after first-quarter results.
The Canadian broker said the file-sharing service reported a "typically strong first quarter post-IPO" with upside across all relevant financial and operating indicators.
"Dropbox delivered an upside on essentially every financial metric. The company made admirable progress on customer additions, ARPU, and product innovation", it said.
"We have absolutely zero hesitation recommending purchase of the shares today," Canaccord added in a note.
Last night, Dropbox reported a non-GAAP net income of 30.9 million dollars for the first quarter, as compared to 5.2 million in the same period last year.
The Nasdaq-listed shares were down 3.1 per cent on Friday after these numbers.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The Canadian broker said the file-sharing service reported a "typically strong first quarter post-IPO" with upside across all relevant financial and operating indicators.
"Dropbox delivered an upside on essentially every financial metric. The company made admirable progress on customer additions, ARPU, and product innovation", it said.
"We have absolutely zero hesitation recommending purchase of the shares today," Canaccord added in a note.
Last night, Dropbox reported a non-GAAP net income of 30.9 million dollars for the first quarter, as compared to 5.2 million in the same period last year.
The Nasdaq-listed shares were down 3.1 per cent on Friday after these numbers.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.