Doximity Inc (DOCS) PT Raised to $82 at Needham

Needham analyst Scott Berg raised the price target on Doximity Inc (NYSE: DOCS) to $82.00 (from $65.00) while maintaining a Buy rating.

The analyst commented: "We reiterate our Buy rating and raise our PT to $82 after a stellar Q3, where upsells drove topline outperformance and record 60%+ adj. EBITDA margins. Q3 also represents the thick of the selling season, with mgmt reporting back that the buying cycle exceeded expectations, with newer products like point of care, formulary and integrated programs supporting growth. The heavy mix of integrated programs is leading to a greater percentage of rev rec in January than years past, supporting the FY25 guidance raise. Despite the pull forward, we believe DOCS can maintain high single digits growth, underpin by the company's expectation for 5% - 7% end market growth, consistent with last year, which DOCS handedly outperformed due to share gains. When coupled with the impressive margin profile, we continue to see value in DOCS even at premium levels."

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