Doximity price target lowered to $20 from $24 at BofA

BofA lowered the firm’s price target on Doximity to $20 from $24 and keeps an Underperform rating on the shares following the firm’s sixth survey on advertising spending with an emphasis on top 20 pharma. The takeaways of the survey are “mixed” with some incrementally weak datapoints and some positive emerging datapoints, says the analyst, who notes that respondents expect spending on Doximity’s platform to grow the slowest since the firm’s first such survey in June 2022. Following the survey and last quarter’s weak guidance, the firm is reducing its Doximity revenue growth estimates and cuts its target due to slower growth and a contraction in peer multiples.