Needham Reiterates Buy on Docebo Inc. (DCBO), Sees Significant Upside From Current Levels

We recently published an article titled 9 High Growth Canadian Stocks to Buy. 

Another high-growth Canadian stock to buy, Docebo Inc. (NASDAQ:DCBO) is an education technology company established in 2005. The company is known for Docebo Learn, its core learning management system offering. Docebo lists its shares on both the Toronto Stock Exchange and the Nasdaq Global Select Market.

On January 20, Needham analyst reiterated a Buy rating on Docebo Inc. (NASDAQ:DCBO) and set a price target of $38.00. Overall analyst sentiment on the stock remains highly positive, with a Strong Buy consensus and an average price target of $35.33, implying upside potential of roughly 84%. Craig-Hallum has also reaffirmed its Buy rating on the shares.

During its Q3 2025 earnings call, Docebo Inc. (NASDAQ:DCBO) highlighted plans to continue growing its base of customers generating more than $100,000 in annual contract value, underscoring solid momentum across the enterprise and mid-market segments. Management pointed to notable new customer wins such as Veolia, alongside expanded adoption within existing clients, including Amazon, as evidence of sustained demand and deeper platform penetration.

Docebo Inc. (NASDAQ:DCBO) also announced the introduction of a credit-based pricing model for its AI-powered modules, including AI Virtual Coach and AI Video Presenter. This approach not only enhances flexibility for customers but also creates a clear pathway for incremental monetization over time, while reinforcing Docebo’s broader strategy of embedding artificial intelligence more deeply across its product suite.

While we acknowledge the potential of DCBO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than DCBO and that has a 100x upside potential, check out our report about the cheapest AI stock.

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