UBS upgraded DocuSign (DOCU) to Neutral from Sell with a price target of $62, up from $48. The shares are now fairly valued, the analyst tells investors in a research note. The firm believes DocuSign has largely moved past the material post-COVID expansion headwinds and has further margin upside potential. UBS remains on the sidelines given high e-signature market penetration and competition from the likes of Adobe (ADBE), but finds DocuSign’s risk/reward more balanced at current share levels.
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