William Blair Thinks This Cloud Computing Firm's Shares Are 'Undervalued'

November 12, 2021 1:56 PM | 1 min read |

William Blair analyst James Breen initiated coverage on DigitalOcean Holdings Inc DOCN with an Outperform rating and no price target.
DigitalOcean is a comprehensive cloud platform designed to simplify cloud infrastructure for developers, start-ups, and small to midsize businesses, Breen tells investors in a research note.
The analyst believes the company has a "differentiated platform that appeals to this underserved segment of the market."
It has a "large and growing" addressable market, which is expected to more than double over the next four years to $116 billion, notes Breen.
He believes DigitalOcean's shares are undervalued at current levels.
The company's stock gained 8.52% over the last week.
Price Action: DOCN shares traded higher by 8.44% at $123.93 on the last check Friday.