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Investing.com - Piper Sandler raised its price target on Doximity Inc (NYSE:DOCS) to $69.00 from $65.00 on Friday, while maintaining an Overweight rating on the healthcare technology company. The new target sits well within the analyst range of $50-$80, while the stock has demonstrated remarkable strength with a 128% return over the past year. According to InvestingPro analysis, the company maintains impressive gross profit margins of 90.2%.
The research firm cited Doximity’s AI and workflow product innovation as key drivers for the increased valuation, noting that the company is "firing on all cylinders." Piper Sandler specifically highlighted that utilization of the Doximity app has reached all-time highs, driven by the company’s AI suite including Doximity AI Scribe and Doximity GPT. This innovation-driven growth has contributed to the company’s solid 20% revenue growth over the last twelve months. InvestingPro data reveals the company’s overall financial health score is "GREAT," suggesting strong operational execution.
Piper Sandler emphasized the strategic importance of Doximity’s approach, as neither of its AI products is being directly monetized. Instead, the firm observed that Doximity’s "acute focus on utility to physicians" has created a synergistic, HIPAA-compliant set of capabilities within a single app that drives traffic across multiple use cases.
The research firm explained that increased app utilization creates a beneficial cycle, as physicians using the app for AI features are more likely to use it for telehealth and newsfeed functions as well. This dynamic effectively creates more advertising inventory throughout the platform.
The price target increase was also partially attributed to a lower tax rate in the firm’s discounted cash flow model, with Piper Sandler expressing confidence that Doximity’s AI and workflow innovations will enable the company to capitalize on heightened demand from existing and prospective pharmaceutical customers.
In other recent news, Doximity Inc. reported impressive financial results for the first quarter of fiscal year 2026, exceeding Wall Street’s expectations. The company achieved an earnings per share (EPS) of $0.36, surpassing the anticipated $0.30 by 20%. Revenue figures were also strong, reaching $145.9 million, which was 4.64% higher than the projected $139.43 million. These results indicate a robust start to the fiscal year for Doximity. The financial performance reflects positively on the company’s operational efficiency and market position. Analysts and investors have shown enthusiasm for the company’s outlook, as indicated by these figures. The positive earnings report is a significant development for Doximity, highlighting its potential for continued growth.
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