DocuSign price target raised to $90 from $85 at Piper Sandler

Piper Sandler raised the firm’s price target on DocuSign (DOCU) to $90 from $85 and keeps a Neutral rating on the shares. The firm says Q2 demonstrated strength with beats across the top- and bottom-line, as recent platform innovations and GTM changes from Q1 resulted in success with both commercial and enterprise customers across the eSignature portfolio, international and larger platform adoption. As a result, full year guidance was raised for both billings and revenue. Improved NRR trends and further IAM traction are encouraging, but Piper is staying sidelined on shares waiting for more quarters of consistent execution before becoming more constructive.