DocuSign price target lowered to $85 from $88 at BofA

BofA analyst Brad Sills lowered the firm’s price target on DocuSign (DOCU) to $85 from $88 and keeps a Neutral rating on the shares, calling Q1 results “somewhat disappointing.” The magnitude of the miss to expectations suggest that Q3 and Q4 of last fiscal year benefitted from early renewals, which reversed a bit in Q1, says the analyst, who is “bullish on the long-term opportunity for DocuSign with IAM,” but adds that Q1 results suggest that some transitional growing pains are present.