DocuSign price target lowered to $60 from $75 at Wells Fargo

Wells Fargo lowered the firm’s price target on DocuSign (DOCU) to $60 from $75 and keeps an Equal Weight rating on the shares. The firm says Q4 was in-line although a touch below recent beats, while new ARR guide calls for about 50bps acceleration into FY27. Wells sees investments into R&D limiting margin expansion going forward, with new disclosures requiring some go forward recalibration.