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A price cut that still comes with a thumbs-up
Bank of America just took a fresh swing at Doximity and landed on a lower price target: $47, down from $56. But before you start treating this like a breakup text, the bank kept its Buy rating intact. Translation: they still think the stock has room to climb, just not quite as much as they thought before.
Why investors should care
A target cut can ding sentiment, sure, but the real story is the gap between “less optimistic” and “bearish.” BofA’s new call still implies solid upside from where the stock was trading, which tells you analysts haven’t thrown Doximity into the ditch — they’ve just dialed back expectations.
The buyback adds a little extra spice
The article also flags Doximity’s newly authorized $500 million share repurchase program, which could retire about 8% of the company’s outstanding shares. That’s the corporate version of saying, “We think our own stock is on sale.” For investors, buybacks can be a nice tailwind because they shrink the share count and can support earnings per share.
One more wrinkle: insider selling
On top of that, insider Siddharth Sitaram sold 2,427 shares on April 10. Not exactly a five-alarm fire, but when you combine an analyst target cut, a buyback, and insider sales, you get a stock story that’s part confidence, part caution tape.
Big picture: Doximity is still wearing a “we like it” badge from BofA, but the excitement meter got turned down a notch. For investors, this is the kind of update that says the bull case is alive — just not as caffeinated as before.