Scotiabank Remains Bullish on Docebo with $40 Target, Consensus Strong Buy with $36.95 Average Target.

Scotiabank analyst Kevin Krishnaratne maintains a Buy rating on Docebo with a price target of $40.00, citing the company's strong position in the e-learning market. The analyst consensus on Docebo is a Strong Buy with an average price target of $36.95, a 20.91% upside from current levels. Corporate insider sentiment is negative on the stock, with an increase in insiders selling their shares over the past quarter.

Docebo Inc. (DCBO) has emerged as a leader in the Learning Management System (LMS) market, leveraging its AI-first approach to offer a comprehensive and scalable learning ecosystem. The company's strategic pivot to artificial intelligence, embodied in the Harmony AI platform, is transforming how enterprises approach training, and investors are taking notice.

Docebo's Harmony AI platform integrates real-time chatbots, AI-generated courses, and skills-based tagging, creating a self-optimizing ecosystem that accelerates training ROI [1]. Unlike competitors like LinkedIn Learning or Moodle, Docebo's end-to-end AI integration creates a unified and adaptive learning experience, addressing core pain points such as reducing training time and lowering costs [1].

The company's financial performance reflects this strategic shift. In Q2 2025, Docebo reported a 13.2% year-over-year growth in Annual Recurring Revenue (ARR), a testament to its ability to monetize AI-driven innovation [1]. The stock surged 10.94% following the earnings report, reflecting investor confidence in its trajectory. Docebo's FedRAMP certification, which unlocks access to the U.S. federal government market, and its focus on extended enterprise use cases such as customer education, partner enablement, and sales enablement, are key drivers of its market expansion [1].

Scotiabank analyst Kevin Krishnaratne maintains a Buy rating on Docebo with a price target of $40.00, citing the company's strong position in the e-learning market [2]. The analyst consensus on Docebo is a Strong Buy with an average price target of $36.95, a 20.91% upside from current levels [2]. However, corporate insider sentiment is negative on the stock, with an increase in insiders selling their shares over the past quarter [2].

The global AI in education market, valued at $5.88 billion in 2024, is projected to reach $32.27 billion by 2030, growing at a blistering 31.2% CAGR [1]. Docebo's focus on cloud-based AI solutions positions it to capitalize on this growth. Cloud deployment enables seamless scalability, real-time analytics, and hybrid learning models, all of which are critical for enterprises navigating post-pandemic work environments [1].

Despite the strong market potential, Docebo faces challenges such as market saturation in the LMS space and elongated sales cycles typical of enterprise software. However, its AI-first strategy creates a moat, making it difficult for competitors to replicate Harmony AI's capabilities quickly [1].

In conclusion, Docebo's transformation from a traditional LMS provider to an AI-driven learning ecosystem is a compelling case for long-term investment. The company's robust financial performance, strategic market expansion, and AI-driven innovation position it to outperform peers in the long term. Investors seeking exposure to the AI-driven education sector should consider Docebo as a promising opportunity.

References:
[1] https://www.ainvest.com/news/docebo-ai-driven-transformation-strategic-edge-evolving-lms-market-2508/
[2] https://finance.yahoo.com/news/docebo-inc-dcbo-q2-2025-070412614.html