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Dropbox initiated with an Outperform at Macquarie. Macquarie analyst Sarah Hindlian initiated Dropbox with an Outperform rating and a price target of $34, saying the company is faced with a "substantial long-term opportunity" given its "dominant" content platform and a "compelling" front-office collaboration product. Hindlian adds that the "low-touch" Dropbox sales model gives it a solid free cash flow profile, while also noting significant addressable market of about 300M users that can be converted to paid vs. about 11M today.

Dropbox initiated with an Outperform at JMP Securities. JMP Securities analyst Greg McDowell initiated Dropbox with an Outperform rating and $35 price target, as he believes the stock deserves a premium multiple compared to subscription software peers based on its leadership position, powerful network effects, scale, cash flow, and long growth runway.

Dropbox initiated with an Overweight at KeyBanc. KeyBanc analyst Rob Owens started Dropbox with an Overweight rating and $40 price target saying that the company's broad appeal, efficient conversion model, ongoing functionality enhancements, and opportunity to leverage owned infrastructure all bode well for continued strong fundamentals and justify further upside.

Dropbox initiated with a Buy at Canaccord. Canaccord analyst Richard Davis initiated Dropbox with a Buy rating based on the likelihood of periodic upsides to forecasts driven by its strong position in document-based storage and collaboration. He also believes the company can become one of the leading Next Generation Work Systems companies. Davis has a $35 price target on Dropbox shares.

Dropbox initiated with a Sector Perform at RBC Capital. RBC Capital analyst Mark Mahaney initiated Dropbox with a Sector Perform rating and a price target of $33, saying the company's high-growth and high-margin business model is "very impressive" in addressing the "very large market opportunity" combining Cloud Storage, Team Collaboration and Work Productivity enterprise needs. Despite the solid fundamentals however, Mahaney says the current valuation of 9-times enterprise value to FY19 expected sales is not sufficiently compelling for a more bullish stance.

Dropbox initiated with a Buy at Deutsche Bank. Deutsche Bank analyst Karl Keirstead started Dropbox with a Buy rating and $36 price target. While the shares are "hardly cheap", Dropbox is "sitting in front of a relatively untapped user base monetization opportunity," Keirstead tells investors in a research note. He says he's biased positive until he starts feeling this opportunity has played out or is not as large as he currently thinks.

Dropbox initiated with a Neutral at BofA/Merrill. BofA/Merrill analyst Justin Post initiated Dropbox with a Neutral and $31 price target telling investors shares are discounting strong execution and upside potential.

Dropbox initiated with an Overweight at JPMorgan. JPMorgan analyst Mark Murphy started Dropbox with an Overweight rating and $32 price target. The analyst is optimistic on Dropbox's potential to convert its "long runway" of 300M target users and broaden collaboration offerings.

Dropbox initiated with an Overweight at Piper Jaffray. Piper Jaffray analyst Alex Zukin started Dropbox with an Overweight rating and $40 price target. The analyst sees Dropbox as the first consumer grade enterprise software company that is in the early innings of disrupting the $100B-plus Collaboration Software market. Dropbox has a "highly differentiated digital distribution model that can scale efficiently from the smallest to largest companies in the world," Zukin tells investors in research note.