Doximity upgraded to Buy from Hold at Canaccord

Canaccord upgraded Doximity (DOCS) to Buy from Hold with a price target of $34, down from $48. The post earnings selloff is an overreaction to short-term fears that will prove to be a longer-term buying opportunity, the analyst tells investors in a research note. The firm says it is “prudent to draw a line in the sand and upgrade the stock.” It believes Doximity shares are likely to be “meaningfully higher” a year from now as pharma budgets “firm up” post the policy and pricing uncertainty.