Doximity upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Craig Hettenbach upgraded Doximity (DOCS) to Equal Weight from Underweight with a price target of $53, up from $33. While the stock’s valuation “is stretched relative to fundamentals, with a “very low bar” of 3% year-over-year revenue growth for the Q4 guidance, there is not a near term catalyst that will reverse the positive sentiment, the analyst tells investors in a research note. The firm says that given the consensus view that Q4 estimates are overly conservative, a key question is how much upside could Doximity deliver in that quarter and what growth will look like in fiscal 2026.