Barclays upgrades Doximity to Overweight on advertising opportunity

Barclays analyst Stephanie Davis upgraded Doximity to Overweight from Equal Weight with a price target of $52, up from $35. The analyst believes the shares do not reflect the scale growth opportunity from the company’s expansion into self-service advertising sales. When paired with end market stabilization and a more measured forecasting philosophy, Barclays sees an “inflection in growth” for Doximity.