DigitalOcean price target lowered to $59 from $63 at JMP Securities

JMP Securities analyst Patrick Walravens lowered the firm’s price target on DigitalOcean to $59 from $63 and keeps an Outperform rating on the shares. The company reported mixed Q2 results and “disappointing” guidance, and while the core business is experiencing slowing growth given cost optimization and lower expansion, the acquisition of Paperspace and the move into the AI/ML space is very interesting, the analyst tells investors in a research note.