UBS analyst Taylor McGinnis lowered the firm’s price target on Dropbox (DBX) to $29 from $31 and keeps a Neutral rating on the shares. Dropbox reported a “clean” beat and raise across all key metrics, the analyst tells investors in a research note. The print was a step in the right direction and execution seems to be improving, ARPU and net new paying users are still declining and UBS is waiting for evidence that growth can accelerate beyond flattish.
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