Analyst Stan Berenshteyn from Wells Fargo maintained a Hold rating on Doximity (DOCS – Research Report) and keeping the price target at $55.00.
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Stan Berenshteyn has given his Hold rating due to a combination of factors impacting Doximity’s outlook. While there is a positive growth trend in advertising spend on Doximity, with clients experiencing growth rates higher than the industry average, there are significant uncertainties affecting the biopharma advertising budgets. These uncertainties are expected to impact the latter half of the calendar year, potentially leading to a weaker overall performance.
Additionally, the expert highlighted that while drug approval opportunities are increasing, the current environment for pharma advertising is highly uncertain. This uncertainty is compounded by the reduction in the FDA’s pharma ad approval team, which could delay advertising campaigns and affect Doximity’s growth. As a result, while the first fiscal quarter might show promising results, the full-year outlook remains at risk, justifying the Hold rating.
In another report released on May 27, J.P. Morgan also maintained a Hold rating on the stock with a $60.00 price target.
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