DigitalOcean price target lowered to $42 from $58 at Barclays

Barclays lowered the firm’s price target on DigitalOcean to $42 from $58 and keeps an Overweight rating on the shares. The company’s results were in-line with the pre-announcement, but somewhat surprisingly, it guided fiscal 2023 sales guidance down only a few weeks later for lackluster cohort expansion from existing customers, the analyst tells investors in a research note. “This is a painful reset down, but necessary given DOCN hasn’t yet been able to call a bottom,” says the firm.