Ryan MacDonald, an analyst from Needham, reiterated the Buy rating on Docebo (DCBO – Research Report). The associated price target remains the same with $42.00.
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Ryan MacDonald has given his Buy rating due to a combination of factors, despite a challenging macroeconomic environment impacting Docebo’s performance. The company’s recent quarterly results slightly exceeded expectations, and there is an indication of continued momentum into the second quarter. However, due to macroeconomic pressures, there has been a cautious outlook for the second half of the year, leading to a reduction in guidance across various metrics.
Despite these challenges, management remains optimistic about product innovation and progress on FedRAMP, which could act as catalysts for growth by unlocking a growing sales pipeline. While the stock has been weak following the update, the revised guidance is seen as achievable and potentially beatable, supporting the Buy rating at current levels.
According to TipRanks, MacDonald is a 4-star analyst with an average return of 7.2% and a 47.19% success rate. MacDonald covers the Technology sector, focusing on stocks such as Yext, Docebo, and Udemy Inc.