Shares of DocuSign (NASDAQ:DOCU) are down today, which can be attributed to an analyst downgrade. Karl Keirstead of UBS changed his rating from Hold to Sell while assigning a price target of $52 per share, which remained unchanged.
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Keirstead believes that a 26x price-to-free-cash-flow ratio is too high for the company because he sees it as having low to no growth. In addition, he suggests that the company’s multiple layoff announcements indicate slowing demand for its products.
Overall, Wall Street analysts have a consensus price target of $59.07 on DOCU stock, implying less than 1% upside potential, as indicated by the graphic above.
