Needham Reiterates Buy on Docebo, Lowers Price Target to $38

Docebo Inc. (NASDAQ:DCBO) is one of the best EdTech Stocks to buy now.

On November 7, 2025, Needham’s Ryan MacDonald reiterated Buy on Docebo and trimmed his price target to $38 from $42. The call landed the same day Docebo reported Q3 and briefed investors on a business mix that’s shifting away from a single OEM toward broader enterprise and public-sector demand.

Management said its largest OEM now accounts for a smaller share of ARR than a year ago and that growth excluding this OEM is running faster, pointing to a healthier underlying engine.

Needham Reiterates Buy on Docebo, Lowers Price Target to $38

NakoPhotography/Shutterstock.com

The company also emphasized momentum with systems-integrator partners and new government wins, including an expansion at the U.S. Department of Energy and, through Deloitte, the U.S. Air Force Cyber Academy: evidence of a deeper foothold in federal and SLED channels. Together, these updates framed Q3 as a quarter of mix improvement and institutional traction alongside steady top-line progress.

Docebo Inc. (NASDAQ:DCBO) is an enterprise learning-platform provider whose AI-enabled LMS and adjacent modules help organizations design, deliver, and measure training at scale across commercial and public-sector customers.

While we acknowledge the potential of DCBO to grow, 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 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None.