Wells Fargo analyst Stan Berenshteyn has maintained their neutral stance on DOCS stock, giving a Hold rating yesterday.
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Stan Berenshteyn has given his Hold rating due to a combination of factors influencing Doximity’s stock. While there is a tactical bullish sentiment leading into the second fiscal quarter, driven by positive trends in monthly active users and key opinion leader insights, the longer-term outlook is tempered by competitive pressures and valuation concerns. The recent growth in user engagement, particularly following the introduction of Doximity’s AI scribe and the PathwayMD acquisition, supports a positive short-term view.
However, the rapid growth of competitors like OpenEvidence in healthcare professional engagement could lead to a shift in biopharma advertising budgets, potentially impacting Doximity’s market share. This competitive landscape, coupled with the current market valuation, suggests that while there may be near-term gains, the long-term growth trajectory remains uncertain, justifying the Hold rating.
In another report released yesterday, Morgan Stanley also maintained a Hold rating on the stock with a $62.00 price target.