Morgan Stanley upgrades ‘underpriced’ Docebo to Overweight

Morgan Stanley upgraded Docebo to Overweight from Equal Weight with a price target of $49, up from $40. The company’s 25% growth and GAAP profitability is “underpriced” at current share levels, the analyst tells investors in a research note. The firm says Docebo is “disrupting a large” learning management system market and executing against a “greenfield” external training opportunity. The shares are trading at a 37% discount to peers, according to Morgan Stanley.