DocuSign price target lowered to $55 from $70 at RBC Capital

RBC Capital lowered the firm’s price target on DocuSign (DOCU) to $55 from $70 and keeps a Sector Perform rating on the shares after its Q4 earnings beat and above-consensus guidance. The firm was pleased to see DocuSign post continued dollar net retention rate improvements and early traction with its Intelligent Agreement Management – IAM – offering, the analyst tells investors in a research note. RBC adds however that it remains in wait-and-see mode around IAM and looks for early signs of enterprise traction, also stating that its price target cut reflects peer multiple compression.