Doximity downgraded to Underweight at Morgan Stanley after industry checks

As previously reported, Morgan Stanley analyst Ricky Goldwasser downgraded Doximity to Underweight from Equal Weight with a price target of $29, down from $32. Her industry checks point to a further deceleration of growth in the healthcare digital ad space in 2023, while Doximity reiterated FY23 guidance on its last earnings call, which leaves the company more susceptible to any further slowdown from here, Goldwasser tells investors. Healthcare digital ad space growth is now seen in the range of 8%-12%, down from the high teens in 2022, added the analyst, who notes that her fiscal Q4 revenue estimate is 1.5% below the Street view.