Docebo

DCBO · TORONTO

$30.91+$0.39 (+1.28%)TodayMarket closed · Oct 23, 7:31 PM ET

Prev close $30.52

DCBO analyst rating

BuyConsensus of 7 analysts over the last 12 months. 86% rate it a buy.

Strong buy0
Buy6
Hold1
Underperform0
Sell0

12-month price target · 12 analysts

Average $21.00 (−32.1% downside)

Low: $15.06
Now: $30.91
High: $28.26

Upgrades and downgrades

The latest rating actions, newest first

DCBO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Needham	Jul 17, 2026	Maintains	Buy	$31.00	46%
Cantor Fitzgerald	Apr 22, 2026	Maintains	Overweight	$28.00	56%
Needham	Apr 22, 2026	Maintains	Buy	$31.00	46%
Scotiabank	Mar 2, 2026	Maintains	Sector Outperform	$32.00 → $25.00	41%
Morgan Stanley	Mar 2, 2026	Maintains	Equal-Weight	$28.00 → $26.00	48%
Needham	Feb 27, 2026	Maintains	Buy	$38.00 → $31.00	46%
Scotiabank	Jan 30, 2026	Maintains	Sector Outperform	$35.00 → $32.00	41%
Needham	Jan 29, 2026	Maintains	Buy	$38.00	46%
Cantor Fitzgerald	Jan 21, 2026	Maintains	Overweight	$35.00 → $28.00	56%
Cantor Fitzgerald	Dec 24, 2025	Initiates	Overweight	$35.00	40%

The case for and against

Updated Oct 7, 2026

Bull case

Docebo is viewed positively because it is consistently beating expectations while expanding its opportunity set, with 1Q26 revenue of $65.4mm-$65.6mm, prelim 2Q26 revenue of $68.3mm-$68.5mm, and FY26 revenue guidance raised to $274.5mm-$276.5mm, all ahead of consensus. The thesis is strengthened by differentiated product momentum, including AI, skills intelligence, and enterprise knowledge tools that deepen retention, improve upsell potential, and support penetration of a larger $40B TAM. Although adjusted EBITDA is being tempered by earlier product investment, management still expects $54.5mm-$56.5mm in FY26 and at least $80mm by 2028, while the $70mm share repurchase and expanded credit facility signal confidence in durable cash generation.

Bear case

Docebo is viewed negatively because the bear case assumes it cannot efficiently cross-sell or upsell incremental modules to its existing customer base, nor generate meaningful returns from international expansion, leaving revenue growth below 10%. The outlook is also pressured by macroeconomic risk, intense competition, rapid technological change, and uncertainty around strategic partnerships, the government vertical, and FedRAMP certification delays. Additional fundamental concerns include slowing digital transformation and SaaS/cloud migration, privacy and AI regulation, cyberattacks or service disruptions, weak traction for new products, and portfolio expansion that could weigh on the core business, especially with two significant shareholders controlling more than 50% of shares.

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.