Why Dropbox Shot Nearly 10% Higher on Monday
Dropbox (NASDAQ: DBX) sure didn't have a bad case of the Mondays. Shares of the cloud-storage company closed the day 9.9% higher after Jefferies dramatically upped its recommendation and price target on the stock on Monday morning.
Jefferies analyst Brent Thill now believes Dropbox is a buy and worth $28 per share. Previously, he had a hold on the stock with a $22 price target.
Thill now feels that in the investor rush to invest in stocks for the seemingly endless stay-at-home period we're all enduring, Dropbox has been ignored. The company is well poised to take advantage of the situation, since remote work in all manner of industries augurs higher demand for its core activity -- remote-data storage solutions. Among consumers, it is fairly well known for these services.
Source Fool.com
