Dropbox Upgraded To Buy From Hold At Jefferies

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Jefferies analyst Brent Thill upgraded Dropbox (DBX) to Buy from Hold with a price target of $28, up from $22. The stock closed Friday up 17c to $20.83.

The company trades at a 54% discount to peers, is a work from home beneficiary with "impressive top-of-funnel metrics," and has shown it can deliver on margin goals, Thill tells investors in a research note.

Even at the price target of $28, the stock will trade at 5.7 times estimated 2020 revenue, representing a 36% discount to comps, says the analyst.

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