Doximity price target lowered to $35 from $49 at Morgan Stanley

Morgan Stanley analyst Craig Hettenbach lowered the firm’s price target on Doximity (DOCS) to $35 from $49 and keeps an Overweight rating on the shares. Doximity posted a modest beat in the quarter, but guided below the Street, notes the analyst, who adds that a deceleration in growth could further stoke concerns over competition and weigh on the multiple. The firm expects the stock to “remain in the penalty box near term,” but still sees value, the analyst added.