DigitalOcean price target lowered to $33 from $40 at Stifel

Stifel lowered the firm’s price target on DigitalOcean (DOCN) to $33 from $40 and keeps a Hold rating on the shares after having attended the company’s investor day. At the event, management outlined plans to accelerate growth by targeting larger customers, expanding its go-to-market approach, and its easy-to-use AI platform, notes the analyst. While the firm believes DigitalOcean’s focus on accelerating growth is the right strategy, it lowers its target given the near-term balance-sheet uncertainty and GPU pricing environment.