Dropbox price target lowered to $27 from $31 at Citi

Citi analyst Steven Enders lowered the firm’s price target on Dropbox to $27 from $31 and keeps a Neutral rating on the shares. The U.S. application software results were largely split across with solid results in automation yet some softer results and guides within collaboration, the analyst tells investors in a research note. The firm views the outlooks as relatively conservative with more of a de-risked view verses other areas of software. It sees a favorable setup with valuations “remaining low across the group.”