Dropbox price target raised to $22 from $18 at Credit Suisse

Credit Suisse analyst Rich Hilliker raised the firm’s price target on Dropbox to $22 from $18 and keeps an Underperform rating on the shares. Dropbox’s Q2 results exceeded guidance and consensus revenue and EBIT due primarily to FormSwift’s outperformance and tech improvements within the individual plans that resulted in greater retention and conversion, the analyst tells investors in a research note. The firm is encouraged Dropbox is working to resolve its lackluster go-to-market rigor and product integration, but feels more work remains to add compelling platform depth and unlock multi-product adoption in order to meaningfully capture future share of content workloads.