UPDATE: JPMorgan Downgrades Doximity Inc (DOCS) to Underweight

JPMorgan analyst Jackson Ader downgraded Doximity Inc (NYSE: DOCS) from Neutral to Underweight with a price target of $60.00 (from $70.00).

The analyst comments "With over 80% of physicians and 50% of nurse practitioners counted as members on the platform, Doximity has created a concentrated network for marketers looking to reach medical spend decision makers and for healthcare providers and recruiters to fill openings. We see Doximity as well positioned to capture the broader shift away from traditional and analog marketing channels to digital marketing, and we expect penetration of customers’ marketing budgets to be the main driver of growth. However, we see some risk to expectations in the coming quarters as the company begins to lap the tough comparable quarters from a year ago. With recent software companies being sold off in extreme ways after signaling slowing growth, we view the next couple of quarters as having a higher risk than potential reward and thus rate the shares Underweight."

For an analyst ratings summary and ratings history on Doximity Inc click here. For more ratings news on Doximity Inc click here.

Shares of Doximity Inc closed at $55.68 yesterday.

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