Doximity: Buy Rating Reiterated as Analyst Sees Upside from Depressed Valuation with $49 Price Target Maintained

Analyst Craig Hettenbach from Morgan Stanley maintained a Buy rating on Doximity and keeping the price target at $49.00.

Craig Hettenbach has given his Buy rating due to a combination of factors tied to both industry trends and company-specific strengths. He sees sentiment and valuation as unusually depressed even though Doximity’s physician engagement remains robust, and web traffic and time spent on the platform continue to climb. He also believes that a cleaner execution over the next couple of quarters and a return to faster growth by Q4 could unlock meaningful upside from current levels.

He notes improving signals for pharmaceutical digital advertising budgets, with expectations for stronger growth as the year progresses and more drug launches move into the second half. In addition, he views Doximity’s self-service ad tools, growing video ad opportunity, and emerging AI offering (DoxGPT) as important growth levers, especially as monetization begins and new ad products are introduced. With the price target maintained at $49 and the stock trading near trough multiples, he sees a favorable risk‑reward setup despite recent concerns around competition and management changes.

In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $32.00 price target.