Truist Securities has revised its price target for Doximity (DOCS, Financial), lowering it from $65 to $58 while maintaining a Hold rating. This adjustment comes in anticipation of the upcoming first-quarter results for the Healthcare IT sector, a segment traditionally viewed as resilient against broader economic fluctuations.
However, the current environment poses challenges with persisting concerns over tariffs and a potential economic slowdown. Such factors contribute to market volatility, which is particularly detrimental to high-beta groups, including healthcare IT, digital health, and payvider sectors.
Although companies within the healthcare IT industry are not directly impacted by new tariffs, Truist highlights potential indirect effects. These companies often serve major sectors like hospitals and pharmaceutical companies, which could face increased supply chain costs or reconsider their investment strategies in light of the economic landscape.
