DocuSign price target raised to $70 from $50 at JPMorgan

JPMorgan analyst Mark Murphy raised the firm’s price target on DocuSign (DOCU) to $70 from $50 and keeps an Underweight rating on the shares ahead of the fiscal Q3 report. The firm expects the company to relay ongoing progress in operational refinements to the business, which are likely to be supported by commentary around relative stability in underlying demand trends and positive early indications on newer product initiatives. These trends could continue to support a potential pick-up in underlying organic growth trends over the medium-term, the analyst tells investors in a research note. JPMorgan is “cautiously optimistic” DocuSign will likely reflect ongoing stabilization to slight improvements in recent transactional activity, including envelope and consumption patterns.