Piper Jaffray analyst Alex Zukin lowered his price target for DocuSign to $50 but reiterates an Overweight rating on the shares following the company's Q3 results. DocuSign delivered a "very strong" quarter, evidenced by significant calculated billings outperformance relative to guidance, Zukin tells investors in a post-earnings research note. While billings guidance implies a deceleration in Q4, DocuSign remains one of the few companies in enterprise software that guides to this metric given its quarterly volatility, "and for that reason we believe the company remains appropriately conservative," says the analyst. He cites comp group multiple compression for his reduced price target.