Dropbox

DBX · NASDAQ

$36.36+$0.42 (+1.17%)TodayMarket closed · Oct 20, 5:40 PM ET

Prev close $35.94

DBX analyst rating

SellConsensus of 5 analysts over the last 12 months. 20% rate it a buy.

Strong buy0
Buy1
Hold2
Underperform0
Sell2

12-month price target · 8 analysts

Average $29.67 (−18.4% downside)

Low: $21.64
Now: $36.36
High: $44.10

Upgrades and downgrades

The latest rating actions, newest first

DBX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citigroup	Sep 24, 2026	Downgrade	Neutral → Sell	$33.00 → $29.00	52%
RBC Capital	Sep 3, 2026	Maintains	Outperform	$42.00	51%
Citigroup	Aug 7, 2026	Maintains	Neutral	$28.00 → $33.00	52%
William Blair	Aug 7, 2026	Upgrade	Underperform → Market Perform	—	49%
Citigroup	May 11, 2026	Maintains	Neutral	$27.00 → $28.00	52%
RBC Capital	May 8, 2026	Maintains	Outperform	$30.00 → $32.00	51%
William Blair	Mar 23, 2026	Downgrade	Market Perform → Underperform	—	49%
JP Morgan	Feb 20, 2026	Maintains	Neutral	$29.00 → $25.00	58%
UBS	Feb 20, 2026	Maintains	Sell	$27.00 → $23.00	33%
RBC Capital	Feb 20, 2026	Maintains	Outperform	$35.00 → $30.00	51%

The case for and against

Updated Oct 17, 2026

Bull case

Dropbox is viewed favorably because its core file-sync and sharing business is stabilizing through pricing simplification, better funnel conversion, lower churn, and stronger retention, with paying users rising sequentially and management seeing a clear path to durable growth. Its AI-driven Dash rollout is also beginning to gain traction, with 30%+ of weekly users and 50%+ of monthly users re-engaging with AI features, while broader monetization and workflow automation can deepen customer value and improve conversion. Fundamentally, the company’s 90% self-service model, $2B+ ARR, 30%+ FCF margins, and raised revenue, operating margin, and uFCF guidance support strong unit economics, margin expansion toward 40%+, and attractive cash generation.

Bear case

Dropbox is facing a negative outlook because its core file-sync and collaboration business remains exposed to intense competition from Microsoft, Box, Citrix, and Egnyte, limiting its ability to sustain pricing power or differentiate meaningfully. Its governance structure also weighs on the stock, since the publicly traded class B shares hold only 75% to 80+% voting power, reducing minority shareholder influence while strategic decisions remain concentrated. In addition, international revenue represents nearly half of total revenue, increasing foreign currency risk, and the heavy dependence on SMB and consumer customers leaves results vulnerable to softer demand and churn.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.