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Should You Buy #1 (Strong Buy)-Ranked Dropbox (DBX) for Your Portfolio?
Dropbox was upgraded to the Zacks Rank #1 list on November 19, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Dropbox offers a cloud-based platform that businesses and individuals can create, access and share digital content globally. It serves more than 700 million registered users across approximately 180 countries.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.17 to $2.39 per share. DBX boasts an average earnings surprise of 13.3%.
Analysts are expecting earnings to grow 20.7% for the current fiscal year, with revenue forecasted to rise 1.7%.
DBX has been moving higher over the past four weeks as well, up 8.4% compared to the S&P 500's gain of 1.3%.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Dropbox could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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