DocuSign (NASDAQ:DOCU) reported first quarter beats with upside Q2 and full-year guidance after the bell yesterday.
William Blair calls the print a "massive beat out of the gate" that sets the stage for a strong year.
Oppenheimer says the results are a "salient proof point" that DOCU is viewed as "mission critical to keep business operations flowing during the pandemic and as employees return to work." But the company is also "a strategic technology for the new digital future of work." The firm maintains an Overweight rating but lowers DocuSign's price target from $300 to $260, citing compression in industry multiples.
Morgan Stanley says DOCU is "firing on all cylinders" and the report is "proof that Covid wasn’t a one-time benefit, resulting in a fundamental shift in DocuSign’s growth trajectory." The firm maintains an Overweight rating and adds $5 to its price target for $295.
DOCU shares are currently up 7% pre-market to $208.43.
Background: DocuSign stock pops after Q1 beats, upside guidance