Doximity downgraded to Hold from Buy at Canaccord

Canaccord downgraded Doximity (DOCS) to Hold from Buy with a price target of $60, up from $40. The firm recognizes that Doximity is “currently executing flawlessly,” beating estimates and guidance. However, with the 30% gain in shares post-earnings, it appears the expectation to a return to the years of really robust growth, 20% or much higher, is increasingly being priced into the stock, the analyst tells investors in a research note. Canaccord believes it is appropriate to step back on recommending putting new money to work “with such high expectations.”