Dropbox price target raised to $37 from $32 at JMP Securities

JMP Securities raised the firm’s price target on Dropbox to $37 from $32 and keeps an Outperform rating on the shares. Looking at 2024, Gartner expects total software spending to increase from $790B in 2023 to $895B in 2024, and as-reported growth rate of 13.3%, up from 12.7% in 2023, the analyst tells investors in a research note. The firm expects improvement in Q4 vs. Q3.