Barclays downgrades Doximity on slowing industry growth

Barclays downgraded Doximity (DOCS) to Equal Weight from Overweight with a price target of $20, down from $38. Growth in the digital advertising space is slowing while competition is ramping, the analyst tells investors in a research note. As such, Barclays expects industry growth to remain “lackluster,” keeping shares of Doximity and Phreesia range-bound. Digital marketing industry players have been reporting slower growth in the past couple of quarters, the firm says. It sees no sign of this easing.