Docusign Inc. (DOCU) PT Raised to $60 at MoffettNathanson, 'Second Cut Deeper than the First'

(Updated - February 16, 2023 2:47 PM EST)

MoffettNathanson analyst Jackson Ader raised the price target on Docusign Inc. (NASDAQ: DOCU) to $60.00 (from $53.00) while maintaining a Underperform rating.

The analyst comments "DocuSign announced its second round of major layoffs this morning, following October’s 9% reduction with another 10% of the remaining staff today, with a concentration in sales (field organization). Most of the charges and restructuring changes should be wrapped up here in the first quarter of FY24 (January year-end) and the remaining will be completed in 2Q24. Our estimate is for a 3.7% lift to our FY24E margins and, given we are not modeling material revenue impact, our price target is heading higher (to $60 from $53)."

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