DigitalOcean (DOCN) PT Raised to $105 at Citizens After Raising $800M Via Common Stock

Citizens analyst Patrick Walravens raised the price target on DigitalOcean (NYSE: DOCN) to $105.00 (from $83.00) while maintaining a Market Outperform rating.

The analyst commented, "We maintain our Market Outperform rating and increase our price target to $105 from $83 on DigitalOcean after 1) DigitalOcean raised $800M on March 25 through a public offering of common stock that is expected to close today; 2) we attended NVIDIA's (NVDA, NC) GTC user conference last week, where DigitalOcean announced on March 16 an expansion of its partnership with NVIDIA across several dimensions and where NVIDIA CEO Jensen Huang highlighted in his keynote the historic growth of OpenClaw, where DigitalOcean is "positioned extraordinarily well"; 3) DigitalOcean shared a new overview of equipment financing dynamics with investors on March 3; and 4) the stock has increased 74% YTD versus a decrease of 4% for the Russell 3000."

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