Doximity’s Strong Performance and Strategic Positioning Justify Buy Rating Despite Conservative Revenue Guidance

Analyst Scott Berg of Needham reiterated a Buy rating on Doximity (DOCS – Research Report), with a price target of $67.00.

Scott Berg has given his Buy rating due to a combination of factors including Doximity’s strong performance at the close of FY25, which was bolstered by robust adoption of integrated programs. This success led to a favorable mix of January starts, indicating a positive trend in client engagement. Despite the FY26 revenue guidance being below consensus estimates, which Berg believes were overly optimistic, the outlook still surpassed his own expectations.
Additionally, Berg notes that Doximity’s management is prudently accounting for a potential macroeconomic slowdown in spending growth, even though there are currently no adverse impacts on their business. The company’s continued success in multi-module adoption and increased client portal usage further supports the potential for Doximity to gain market share at twice the rate of its competitors. These factors collectively underpin Berg’s confidence in maintaining a Buy rating for Doximity’s stock.

Berg covers the Technology sector, focusing on stocks such as Five9, Amplitude, and BigCommerce Holdings. According to TipRanks, Berg has an average return of -3.4% and a 43.29% success rate on recommended stocks.