Doximity price target lowered to $30 from $40 at Canaccord

Canaccord analyst Richard Close lowered the firm’s price target on Doximity to $30 from $40 and keeps a Buy rating on the shares. The firm lowered their estimates following the early August 1Q report that surprised to the upside, delivering 20% growth, but disappointed with a downward guidance revision due to slowing pharma digital marketing spend that puts the FY’24 revenue growth range at 6-7%.