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DocuSign shares inch higher after HSBC upgrades rating

Investing.com -- Shares in DocuSign (NASDAQ:DOCU) edged higher in early U.S. trading on Wednesday after analysts at HSBC Global Research improved their rating of the electronic agreement manager to hold from reduce.

In a note to clients, the HSBC analysts said they see signs of improvement in demand for its products and services, which declined significantly following the end of COVID-19 lockdowns.

"Demand was frontloaded during the peak of the COVID-19 lockdowns, and we see a natural process of mean reversion taking place over time," the analysts added.

A pandemic darling, DocuSign shares soared by 200% in 2020, but slumped by almost a third in 2021 and 64% last year. The stock has fallen by over 25% so far in 2023, weighed down recently by the tough demand environment and the departure of its chief financial officer in March.

The HSBC analysts argued that their hold rating is now appropriate given that the stock is trading closer to its fair value estimate. But they flagged that they need "more confidence" in the company's ability to trend back toward pre-COVID growth levels and "provide trustworthy long-term guidance."

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