DocuSign (DOCU) reported solid fiscal Q4 results with strong billings growth, but the case for its Intelligent Agreement Management product driving growth needs more clarity, RBC Capital Markets said in a Thursday note.

The company's outperformance in billings, which was driven by early renewals, along with increasing usage, were "encouraging data points of business stability," RBC analysts said. Revenue beat consensus estimates, with growth accelerating to 9% year over year, they noted.

However, while improvements continue in the company's core business, the case for "meaningful acceleration" rests on the growth of Intelligent Agreement Management, the analysts said. With deal volume in Europe and Latin America up 6x quarter over quarter, the outlook for the new product looks promising, but the analysts said they needed to see more proof points regarding its adoption among customers.

RBC maintained the company' stock rating of sector perform and price target of $90.