JPMorgan downgraded Doximity (DOCS) to Underweight from Neutral with an unchanged price target of $62. The stock’s valuation premium to peers “appears excessive,” the analyst tells investors in a research note. The firm says Doximity’s growth visibility is limited by uncertain pharma digital advertising trends. JPMorgan cites the company’s “challenging visibility of volatile advertising and the decelerating growth of pharma budgets” for the downgrade.
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