In a report released today, Ryan MacDonald from Needham maintained a Buy rating on Doximity, with a price target of $75.00.
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Ryan MacDonald has given his Buy rating due to a combination of factors including Doximity’s impressive first-quarter results and the introduction of innovative AI tools. The company’s new products, Scribe and Pathway, have shown early success and are expected to be highly sought after by physicians, enhancing Doximity’s platform functionality.
Furthermore, offering these AI solutions at no cost to physicians is anticipated to disrupt the market positively, boosting user engagement and supporting long-term growth. Despite concerns about a potential growth slowdown in the latter half of the fiscal year, MacDonald believes that the management’s cautious guidance reflects a prudent approach in a volatile market, leaving room for potential upside.