Is DigitalOcean Stock Going to $42? 1 Wall Street Analyst Thinks So.
Placing money on a cloud can take an investor's wealth far higher. Metaphorically speaking, that's one analyst's current evaluation of enterprise cloud computing specialist DigitalOcean (NYSE: DOCN).
Following the company's latest earnings report published in mid-May, Canaccord Genuity's David Hynes raised his price target on the shares. He continues to be bullish on the specialty tech stock's future.
Just after DigitalOcean's first-quarter figures were made public, Hynes added $1 to his price target on the stock for a new figure of $42 per share. That cautious raise matched the analyst's cautiously optimistic buy recommendation on the cloud company; he feels the potential upside of the shares over the next 12 months is a decent (if unspectacular) 6.6% based on the current price.
Source Fool.com