DocuSign initiated with a Hold at Jefferies

Jefferies analyst Brent Thill initiated coverage of DocuSign with a Hold rating and $50 price target. The company faces negative near-term catalysts from demand digestion, macro headwinds and go-to-market execution issues, Thill tells investors in a research note. The analyst believes DocuSign’s "growth can normalize in the low teens" but waits on the sidelines "to see if execution improves."