Doximity price target raised to $83 from $65 at Raymond James

Raymond James raised the firm’s price target on Doximity (DOCS) to $83 from $65 and keeps an Outperform rating on the shares. Doximity’s Q3 delivered significant upside on both growth and margins, with a “Rule of” 85 complemented by very consistent retention and ramping large customer additions, the analyst tells investors in a research note. The firm is impressed by growing traction in the company’s workflow products, with Formulary and Point of Care modules driving 20% of Q3 sales as more pharmas look to engage with Doximity through integrated multi-module programs.