DocuSign price target lowered to $59 from $76 at Citi

Citi analyst Tyler Radke lowered the firm’s price target on DocuSign (DOCU) to $59 from $76 and keeps a Buy rating on the shares. The analyst says that amid rising macro concerns, he sees a "mixed set-up" for DocuSign as customers likely continue to optimize envelope consumption, while new CEO Allan Thygesen looks to align the company with its long-term growth and profitability objectives. He now sees a higher likelihood of growth reaccelerating and upward trajectory to margins for the company verses a work-from-home winner like Zoom Video (ZM).