UPDATE: BofA Securities Starts Doximity Inc (DOCS) at Neutral
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BofA Securities analyst Allen Lutz initiates coverage on Doximity Inc (NYSE: DOCS) with a Neutral rating and a price target of $55.00.
The analyst comments "We are initiating coverage of Doximity (DOCS) with a Neutral rating and a $55 price objective (48x CY23 EBITDA). Doximity is a digital platform that offers tools to physicians to allow them to coordinate care, conduct virtual visits, see curated news, and network with other physicians. The platform has grown rapidly and now represents more than 1.8MM+ physicians, more than 80% of providers in the US. Doximity generates revenue by curating content from pharmaceutical manufacturers and healthcare systems for its physician users, generating ROIs significantly higher than the traditional salesforce centric model for Rx drugs. Our analysis of pharma marketing spending trends give us conviction DOCS could grow at a rapid pace for several years."
Shares of Doximity Inc closed at $52.79 yesterday.
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