BofA analyst Brad Sills lowered the firm’s price target on DocuSign to $60 from $68 and keeps a Neutral rating on the shares after the company announced a restructuring plan to reduce the current workforce by roughly 6% and achieve further efficiencies in its business. The firm, which notes that the company also announced that it expects to meet or exceed its Q4 and FY24 guidance, contends that the restructuring suggests a focus on DocuSign driving productivity as an independent company. BofA adds that it plans to review its estimates following DocuSign’s Q4 earnings announcement in early March.
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Read More on DOCU:
- DocuSign Signals Upbeat Financial Outlook Amid Restructuring
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- DocuSign price target lowered to $45 from $55 at Wells Fargo
- DocuSign down 6% after report of cooling interest from PE suitors
