Jefferies analyst Glen Santangelo lowered the firm’s price target on Doximity (DOCS) to $64 from $68 and keeps a Buy rating on the shares. While noting that RFK Jr.’s nomination “generated some initial concern” that pharma ad spending might come under pressure, after further looking at his policy ideas, the firm believes this could ultimately benefit Doximity by shifting some direct-to-consumer spending to other channels. With estimates of pharma DTC budgets as high as $10B in 2024, even a small shift in ad allocation would represent a meaningful opportunity for Doximity, the analyst tells investors.
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Read More on DOCS:
- Doximity price target raised to $48 from $30 at JPMorgan
- Doximity initiated with a Neutral at Goldman Sachs
- American upgraded, Regeneron initiated: Wall Street’s top analyst calls
- Doximity price target raised to $49 from $35 at Truist
- Doximity upgraded to Equal Weight from Underweight at Morgan Stanley
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
