Doximity (DOCS) is likely bracing for a wider range of outcomes in 2025 amid strong near-term conditions, Morgan Stanley said in a Thursday note.

"Near term conditions are robust and should be supportive to guiding in line with the Street estimate," the report said.

Still, macro risks have intensified, with pharma companies contending with uncertainty around tariffs and disruptions at the US Food and Drug Administration, the note added.

"As such, line of sight into the back half of the year is clouded," the report said.

Morgan Stanley cut its price target to $60 from $71 while keeping its equalweight rating to reflect multiple contraction.

Price: 55.07, Change: +0.85, Percent Change: +1.57