Piper Sandler upgraded DigitalOcean to Neutral from Underweight with a price target of $22, down from $30. With consensus estimates now reset, the shares offer a more balanced risk/reward profile, the analyst tells investors in a research note. The firm, however, remains concerned around “management messaging low-teens growth for 2024.” It says DigitalOcean needs to refinance its debt within the next 18 months given a 2026 maturity.
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