William Blair analyst Jason Ader says Dropbox last night reported a "solid beat-and-raise quarter." Bears, however, will point to weaker than expected average revenue per user expansion and billings growth, as well as a smaller revenue beat than what Dropbox has delivered in prior quarters, Ader tells investors in a research note titled "Confidence-Building Print in Face of Heightened Scrutiny." Amid the recent negativity that has weighed on Dropbox shares, and the changes to product pricing and features, the analyst views the guidance raise to Q3 and 2019 and revenue as a "welcome relief." The positives in Dropbox's business "significantly outweigh the negatives at this juncture," says Ader, who keeps an Outperform rating on the shares.