JPMorgan upgraded Doximity to Neutral from Underweight with a $25 price target. The analyst does not foresee significant downside to the stock’s valuation from here, and does not view the name as “structurally broken.” Growth expectations are likely “adequately tempered at this point” given Street models are calling for a 300 basis point deceleration in fiscal 2025 to 10% year-over-year growth despite no material incremental headwinds noted by the company heading into the year, the analyst tells investors in a research note. The firm expects Doximity to bracket Street estimates when it issues fiscal 2025 guidance in May.
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