DigitalOcean price target raised to $49 from $45 at Canaccord

Canaccord raised the firm’s price target on DigitalOcean (DOCN) to $49 from $45 and keeps a Buy rating on the shares. The firm said they delivered in Q2 with continued strong top-line momentum underpinned by positive demand signals across the business with 70+ competitive cloud migrations and AI/ML revenue more than doubling year-over-year. After maintaining guidance in Q1, guidance was materially raised for all metrics.