We view shares as slightly undervalued but would wait for a larger margin of safety before investing.
We continue to be concerned about Dropbox's competitive position in what we believe will be a commoditized cloud storage industry.
We are raising our fair value estimate for the narrow-moat firm.
The wide-moat firm's EPS beat was largely driven by the $10 billion in share repurchases this quarter and does not represent a fundamental change in the business.
We are lowering our fair value estimate for the firm while maintaining our wide-moat but negative moat trend ratings.