DigitalOcean price target raised to $55 from $47 at JMP Securities

JMP Securities analyst Patrick Walravens raised the firm’s price target on DigitalOcean (DOCN) to $55 from $47 and keeps an Outperform rating on the shares. The firm attended DigitalOcean Deploy, the company’s annual user conference, last week, and spoke to five customers about their future spending plans over the next 12-18 months, with 80% of them saying their spend would be up, the analyst tells investors in a research note. The firm continues to view DigitalOcean as an opportunity for long-term capital appreciation.