DigitalOcean price target raised to $102 from $83 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on DigitalOcean (DOCN) to $102 from $83 and keeps an Overweight rating on the shares. DigitalOcean completed a share issuance causing nearly 10% dilution and raising over $900M, with proceeds earmarked for $500M of debt repayment, capacity expansion beyond the previously guided 31MW for C26, and general corporate purposes, the analyst tells investors in a research note.