- 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.
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