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Investing.com - Evercore ISI has raised its price target on Doximity Inc (NYSE:DOCS) to $75.00 from $70.00 while maintaining an Outperform rating on the stock. The healthcare technology company, currently trading at $58.55 with a market capitalization of nearly $11 billion, has demonstrated remarkable performance with a 128% return over the past year.
The adjustment follows Doximity’s first-quarter fiscal 2026 performance, which exceeded expectations with a 4.5% revenue beat and 11% higher EBITDA than anticipated, according to Evercore ISI. InvestingPro data reveals impressive gross profit margins of 90.2% and strong revenue growth of nearly 20% over the last twelve months.
The research firm noted that Doximity experienced "broad-based strength" across its portfolio with approximately 15% year-over-year growth despite concerns regarding tariffs and pharmaceutical spending, while maintaining strong client growth with a 118% net revenue retention rate.
Evercore ISI has increased its fiscal 2026 EBITDA estimate for Doximity from $340 million to $356 million, slightly above the high end of the company’s new guidance, citing "still-stable demand trends" and "continued strong internal execution" including new products and operating expense management.
The new $75 price target represents 37 times Doximity’s calendar year 2026 estimated EBITDA, with Evercore ISI describing the company as a "structural winner in the broader pharma advertising space."
In other recent news, Doximity has seen several notable developments. The company is preparing for its fiscal first-quarter 2026 earnings report, with Leerink Partners reiterating an Outperform rating and maintaining a $73.00 price target. The firm expressed confidence in Doximity’s revenue growth and margin expansion potential. Meanwhile, Wells Fargo (NYSE:WFC) raised its price target for Doximity to $62.00 from $55.00, citing the strength of the drug pipeline and positive pharmaceutical activity. Evercore ISI also upgraded Doximity to Outperform, increasing its price target to $70.00 from $50.00, based on growth potential in the company’s PoC/Formulary business.
Wells Fargo maintained an Equal Weight rating on the stock, noting an anticipated increase in client budgets for Doximity by 16% for 2025. The firm expects quarterly growth projections to improve, particularly in the latter half of the year. These developments reflect a positive outlook from analysts regarding Doximity’s business trajectory and financial performance.
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