Dropbox price target raised to $32 from $30 at JMP Securities

JMP Securities analyst Patrick Walravens raised the firm’s price target on Dropbox to $32 from $30 and keeps an Outperform rating on the shares. While Dropbox still faces a challenging macroeconomic environment with layoffs at customers affecting the Teams product and leading to mid-80s gross retention, there are a number of things to like about this story at this point, the analyst tells investors in a research note.