DocuSign reinstated with an Underperform at BofA

BofA reinstated coverage of DocuSign (DOCU) with an Underperform rating and $52 price target With the eSignature market approaching maturity and trending towards commoditization, Docusign is in “a more uncertain phase of its growth trajectory” as revenue growth has stagnated in the high single digits for the past 10 quarters, the analyst tells investors. While DocuSign has the right pieces in place to establish itself as a dominant force in intelligent agreement management, an inflection is “not immediately apparent” and the firm sees limited near-term upside for shares, the analyst added.