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DocuSign stock gains after Deutsche Bank upgrade

Emily Bary

Shares of DocuSign Inc. are up 1.2% in afternoon trading Wednesday after Deutsche Bank analyst Karl Keirstead upgraded the stock to buy from hold and raised his price target to $65 from $50. He wrote of "solid field checks" based on his conversations with large customers. "The overall software space appears to be powering through the recent macro/IT concerns, with several names (ServiceNow , Zendesk , Atlassian , RingCentral [s:rng] , Twilio ) posting accelerating growth, increasing our comfort with DocuSign's fiscal 2020 outlook," he wrote. Keirstead expects that customers wouldn't cut back on their DocuSign spending "even in a recession" due to cost savings. The stock has gained 25% over the past three months, as the S&P 500 has risen 1%.