Doximity: Physicians-First Platform With Durable Moat and High Margins Offers Attractive Long-Term Entry Point

Raymond James analyst Brian Peterson has reiterated their bullish stance on DOCS stock, giving a Buy rating on December 16.

Brian Peterson has given his Buy rating due to a combination of factors that highlight Doximity’s long-term strategic positioning and financial strength. He emphasizes the company’s “physicians-first” philosophy as a key differentiator, arguing that this focus builds trust, supports high engagement across the platform, and should become even more valuable as AI tools become more integrated into clinical workflows. Peterson also points to Doximity’s deep integration with over 300 large health systems, which collectively reach nearly half of U.S. physicians, as evidence of a difficult-to-replicate network and a strong competitive moat.

In addition, Peterson underscores Doximity’s attractive profitability profile, noting EBITDA margins above 55% with potential for further expansion over time. He believes the market underestimates both the quality of the management team and the durability of the company’s growth drivers stemming from its product suite and physician engagement. Taken together—defensible competitive positioning, robust margins, and capable leadership—he views Doximity as possessing all the key attributes of a core long-term holding, and he sees the recent share price pullback, combined with a valuation around the low‑20s multiple of forward estimates, as an appealing entry point for investors.

In another report released on December 16, Bank of America Securities also maintained a Buy rating on the stock with a $82.00 price target.