Oppenheimer analyst Timothy Horan downgraded DigitalOcean to Perform from Outperform without a price target. DigitalOcean aggressively guided to 23% revenue growth in 2023 despite organic revenue that was essentially flat for three quarters, the analyst tells investors in a research note. The firm notes that DigitalOcean is indexed to SMBs, which are expected to come under more pressure as funding becomes scarce and amid a potential recession.
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- DigitalOcean sees FY23 EPS $1.65- $1.69, may not compare to consensus $1.16
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