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Update: BofA Downgrades Doximity to Underperform From Buy, Cuts Price Target to $20 From $38

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(Updates with the analyst's commentary.)

BofA Securities downgraded Doximity (DOCS) to underperform rating from buy and cut its price target to $20 from $38.

The brokerage attributes the downgrade to "limited clarity" on near-term revenue/margins movement and "execution risks" from the company's pivot to artificial intelligence (AI).

While BofA believes Doximity is "making the right strategic investments," the brokerage has "some concerns" over the firm's capability "to grow its current allocations" and to compete in the AI space.

Doximity has an average rating of overweight and mean price target of $24.27, according to analysts polled by FactSet.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $20.63, Change: $-0.25, Percent Change: -1.20%

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