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Investing.com - Wells Fargo (NYSE:WFC) raised its price target on Doximity Inc (NYSE:DOCS) to $62.00 from $55.00 on Monday, while maintaining an Equal Weight rating on the healthcare professional network. This comes as industry peer Veeva Systems (NYSE:VEEV) trades near its 52-week high of $296.72, with InvestingPro data showing impressive revenue growth of ~15% over the last twelve months.
The price target increase comes amid what Wells Fargo describes as a "Growth Debate" surrounding Doximity, which has experienced significant fluctuations in annual growth over the past four years: 22.0% in FY23, 13.5% in FY24, 20.0% in FY25, and a guided range of 9%-11% for FY26.
Wells Fargo has adjusted its forecast to the top end of Doximity’s guidance for both the first quarter and full fiscal year 2026, citing increased confidence in the company’s growth potential.
The firm’s optimism is supported by three key factors: the strength of Doximity’s drug pipeline, the rollout of its AI Scribe product, and recent key opinion leader feedback regarding commercial pharmaceutical activity.
Recent calls with industry experts about Veeva’s Crossix and Doximity have been positive, reflecting what Wells Fargo characterizes as a "business as usual" narrative in the company’s commercial operations.
In other recent news, Veeva Systems reported strong fiscal first-quarter 2026 results, significantly driven by the performance of its Crossix Solution, as noted by Mizuho (NYSE:MFG) analysts. Following these results, Mizuho raised its price target for Veeva Systems to $295, maintaining an Outperform rating. Additionally, Veeva Systems secured a commitment from Merck (NSE:PROR), marking it as the sixth top 20 global pharmaceutical company to adopt Veeva’s Vault platform. Raymond (NSE:RYMD) James reiterated an Outperform rating and set a $310 price target for Veeva Systems after this development. In another strategic move, Veeva Systems entered a collaboration with the Sarah Cannon Research Institute to implement the Veeva Clinical Platform for more efficient oncology clinical trials. Furthermore, Astellas has chosen Veeva Vault CRM for its global commercial operations, including a specialized version for China. Lastly, Boehringer Ingelheim has standardized its customer data across over 100 countries using Veeva OpenData and Veeva Network, aiming to enhance customer engagement and scale AI capabilities.
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