DocuSign price target lowered to $50 from $59 at RBC Capital

RBC Capital lowered the firm’s price target on DocuSign to $50 from $59 and keeps a Sector Perform rating on the shares after its Q3 results and guidance. The company’s margin outperformance was encouraging, though its growth continues to decelerate with a “skinny” billings beat and its net retention rate is expected to dip below 100% as macro headwinds continue, the analyst tells investors in a research note. RBC adds however that while exposure to loan origination continues to weigh on the business, the management did sound cautiously optimistic on early signs of stabilization and improvement in some verticals.