DocuSign upgraded to Equal Weight from Underweight at Wells Fargo

Wells Fargo analyst Michael Turrin upgraded DocuSign (DOCU) to Equal Weight from Underweight with a price target of $80, up from $67. The firm recommends investors stay selective through summer in software. However, it ultimately expects another second half of the year rebound across the sector as macro noise dissipates and seasonal buying behavior opens back up. Wells upgraded DocuSign to Equal Weight, saying expectations now appear more reasonable following the “underwhelming” Q1 results. The company now has a “relatively undemanding multiple and de-risked guide,” the analyst tells investors in a research note.