JMP Securities analyst Patrick Walravens lowered the firm’s price target on DigitalOcean to $47 from $59 and keeps an Outperform rating on the shares. The company announced CEO Yancey Spruill will step down and reaffirmed its Q3 and 2023 guidance, the analyst tells investors in a research note. The firm says DigitalOcean has seen challenges from customers optimizing spend and lower expansion in its core business. However, it continues to like the shares.
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