Canaccord Genuity Upgrades Doximity Inc (DOCS) to Buy

Canaccord Genuity analyst Richard Close upgraded Doximity Inc (NYSE: DOCS) from Hold to Buy with a price target of $34.00 (from $48.00).

The analyst comments: "In this market, it is hard to make a call upgrading a stock on valuation, but that is indeed where we are with Doximity. There are questions surrounding the company's business, namely the stability of pharma marketing budgets and fears of AI disruption. However, we believe the selloff following the 3Q print is overreaction to short-term fears and will prove to be a longer-term buying opportunity. The bears have won here in the short term, and concerns surrounding pharma marketing budgets did prove out as evidenced by 4QFY'26 guidance as shares of DOCS flirted with all-time lows as a public company in the after-market, a low set several years ago during a period where Doximity also faced hiccup that proved to be short term. As such, we believe it is prudent to draw a line in the sand and upgrade the stock. We acknowledge that our upgrade may fall on deaf ears in the current environment, somewhat like spitting into the wind, but we do believe that when all is said and done, shares are likely to be meaningfully higher a year from now as pharma budgets firm up post-policy and pricing uncertainty."

For an analyst ratings summary and ratings history on Doximity Inc click here. For more ratings news on Doximity Inc click here.

Shares of Doximity Inc closed at $27.73 yesterday.

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