Doximity price target raised to $21 from $20 at BofA

BofA raised the firm’s price target on Doximity (DOCS) to $21 from $20 and keeps an Underperform rating on the shares. The firm is increasing its FY24 revenue estimates following the company’s fiscal Q2 report, but Doximity’s current revenue growth rate sits at 10-11%, which the firm thinks is “a growth rate that is likely to persist in the near-term.” BofA sees “a somewhat difficult set-up into” the company issuing FY25 guidance as it would expect the company to take a more cautious approach to an initial outlook as its survey work and commentary by Veeva (VEEV) indicate the macro environment is getting incrementally worse.