Doximity initiated with a Market Perform at Leerink

Leerink initiated coverage of Doximity with a Market Perform rating and $32 price target. Doximity, which has a market-leading social platform, is “a structural long-term winner,” but also settling into a new valuation paradigm given a strong but more moderate growth rate, and the firm sees that “effectively captured in its current valuation,” the analyst tells investors.