JMP Securities downgraded Dropbox to Market Perform from Outperform without a price target. The company reported a sequential decline in annual recurring revenue and the number of paying users along with mixed Q4 results, the analyst tells investors in a research note. The firm says the report raises questions as to the durability of Dropbox’s asset while the company faces high customer price sensitivity and struggled with growth efforts. JMP says it cannot confidently identify the catalyst to reaccelerate growth at this time.
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