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Update: Wedbush Cuts DocuSign Price Target to $58 From $60 Due to 'Missing' Consistency, Neutral Rating Kept

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(Updated to include Wedbush commentary)

Wedbush lowered DocuSign's (DOCU) price target to $58 from $60, saying the company's IAM adoption strategy requires more time to reaccelerate growth.

Despite the firm's strong quarter with revenue and earnings per share beats and high customer demand for its IAM platform, DocuSign still needs to show consistent ARR reacceleration and stable revenue growth amid macroeconomic uncertainty, analysts led by Dan Ives wrote in a Friday note.

DocuSign has an average rating of hold and mean price target of $62.33, according to analysts polled by FactSet.

Price: $47.57, Change: $-3.37, Percent Change: -6.62%

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