DocuSign price target raised to $65 from $55 at Piper Sandler

Piper Sandler raised the firm’s price target on DocuSign to $65 from $55 and keeps a Neutral rating on the shares. DocuSign’s results came in above expectations for all metrics, with billings growth accelerating to 13% year over year growth driven by early renewals and net new growth, the analyst tells investors in a research note. While commentary around stabilization in the macro environment and large customers is encouraging, net revenue retention slipping to 98% with expectations for further deterioration in FY25 is evidence that the road to inflection will take time, the firm argues.