UPDATE: Wolfe Research Starts Docusign Inc. (DOCU) at Outperform
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Wolfe Research analyst Alex Zukin initiates coverage on Docusign Inc. (NASDAQ: DOCU) with a Outperform rating and a price target of $275.00.
The analyst comments "We see bookings outperformance combining with conservative consensus revenue growth
expectations (+35% Y/Y vs. Wolfe upside 48% in FY22E) creating a favorable setup for stock outperformance. Furthermore, with an upside scenario pointing to the potential for durable 30%+ growth through FY24/CY23, predicated on potentially modest gross bookings growth of 20%-30% (vs. ~100% in FY21), we believe the company is still undervalued today."
Shares of Docusign Inc. closed at $219.36 yesterday.
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