Doximity upgraded to Neutral from Underperform at BofA

BofA analyst Allen Lutz upgraded Doximity to Neutral from Underperform with a price target of $29, up from $21. The analyst thinks earnings expectations have been appropriately reset and that pharma manufacturer budgets could begin to improve over the next year as pressure from higher interest rates begins to ease. Additionally, Doximity’s last earnings report combined with takeaways from BofA’s advertising survey further support the view that the company’s competitive positioning remains strong, albeit against a challenging macro environment, the analyst tells investors in a research note.