DigitalOcean rises after Citigroup initiates coverage
24/01/2025 16:48
** 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
(Reporting by Juby Babu in Mexico City)
((Juby.Babu@thomsonreuters.com;))