Citi lowered the firm’s price target on DocuSign (DOCU) to $110 from $115 and keeps a Buy rating on the shares. After a strong finish last year, DocuSign’s Q1 results “were a frustrating set-back” with a true billings miss due to go-to-market changes driving fewer early renewals than anticipated, the analyst tells investors in a research note. The firm says the good news is DocuSign’s execution shortfall appears mostly timing-related.
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