Doximity downgraded by Wells Fargo citing slowing growth

Wells Fargo downgraded Doximity (NYSE:DOCS) to underweight from equal-weight citing issues over slowing progress. The agency additionally lower its value goal to $19 from $27 (~34% draw back primarily based on July 17 shut). Based mostly on a survey Wells Fargo, analyst Stan Berenshteyn famous that it factors to slowing progress “which we anticipate will proceed driving a downward rerating within the inventory.” He added Doximity wants to spice up income progress on the similar time its internet income retention fee may come underneath extra stress.