Goldman Sachs downgraded Dropbox to Sell from Neutral with a price target of $24, down from $26. The firm’s Neutral thesis predicated on the attainability of the calendar year 2023 growth target, margin support, and a relative discount to peers has “run its course” and the firm thinks headwinds seen in the quarter possibly compounding in calendar 2024 given Q4 paying users saw its first sequential decline.
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