DocuSign upgraded to Neutral from Underweight at Piper Sandler

Piper Sandler analyst Rob Owens upgraded DocuSign to Neutral from Underweight with a price target of $50, down from $54. Last night’s Q3 results were improved and while the company’s initial fiscal 2024 view was lower than Street expectations for revenue and billings, the stock’s valuation is largely reflective of the difficult macro scenario, Owens tells investors in a research note. The analyst feels the "risk of downside appears limited from this level" given DocuSign’s signs of stability.