Doximity's (DOCS) fiscal Q4 revenue estimate indicates room for upward revision as the company is seeing "renewed momentum" in its business, Morgan Stanley said Thursday.
The company's fiscal Q4 revenue is expected to increase 3% year over year.
"Given the consensus view that Q4 estimates are overly conservative, a key question is how much upside could Doximity deliver in that quarter and what growth will look like in FY26," Morgan Stanley said in a note to clients.
The firm expects Doximity's 2024 revenue to increase 14% year over year, which it said was "well above" its 7% growth outlook for digital ad spending in the healthcare professional market.
"Doximity's outgrowth relative to the industry had been narrowing since outsized performance during COVID, although appears to be widening again in 2024," Morgan Stanley said.
Morgan Stanley said it lifted its fiscal 2025 revenue estimates for the company by 4% to $538 million and boosted its fiscal 2026 estimate by 3% to $581 million.
The firm upgraded its rating on the Doximity stock to equal-weight from underweight while raising its price target to $53 from $33.
Price: 52.55, Change: -0.31, Percent Change: -0.60
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