“Bernstein” without thinking of those kids’ books with the bears. Anyone else? No?
Anyway, Bernstein came out with a nasty bearish note on Dropbox Inc. (Nasdaq: DBX) this morning. According to the ratings and research firm, “virtually all leading indicators of growth are negative.”
Tell us how you really feel, Bernstein analyst Zane Chrane:
“App monthly active users, daily active users, app downloads, number of app sessions, total time spent in app and Google searches have all been declining in recent quarters while these same data for major cloud vendors have been much more positive.”
That’s harsh. Chrane went on to initiate coverage on DBX at underperform with a $19 price target — 12% below yesterday’s close.
It’s been a little over a year since Dropbox’s initial public offering (IPO), and the shares have come nowhere near the IPO price since.
It just goes to show that you need a real expert for advice when it comes to IPO investing. Click here to get your own IPO expert.
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