Morgan Stanley analyst Josh Baer lowered the firm’s price target on DocuSign (DOCU) to $86 from $92 and keeps an Equal Weight rating on the shares. Pressure in after-hours trading was a result of a Q1 billings miss and FY26 billings cut, says the analyst, who points to a near-term disconnect between results and key performance indicators with management’s tone and IAM “bullishness” as DocuSign’s “dilemma.” This near-term disconnect may be due to timing, in “which case patient investors will be rewarded,” the analyst added.
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