Doximity price target raised to $38 from $35 at Piper Sandler

Piper Sandler analyst Jessica Tassan raised the firm’s price target on Doximity to $38 from $35 and keeps an Overweight rating on the shares following the Q3 results. The company cut its fiscal 2023 revenue guidance for the second time and issued a below-consensus preliminary 2024 outlook as new video product launches were delayed due to protracted medical, legal and regulatory affairs reviews, the analyst tells investors in a research note. However, the firm believes last night’s commentary should help reset expectations around the rule of 60%. Piper views Doximity as a "unique asset, with a superior" margin profile and double-digit long-term growth prospects.