Citi downgrades Docusign to Neutral, citing slowing growth and rising competition.

Citi has downgraded Docusign shares from Buy to Neutral with a $50 price target, reflecting concerns over slowing revenue growth and increasing competition from giants like Microsoft and Adobe. Docusign's revenue growth is projected at about 8%, below the double-digit growth investors expect from software firms. Despite strong free cash flow and a $2 billion share buyback program, Citi sees limited upside without faster adoption of Docusign's Intelligent Agreement Management platform. The downgrade signals caution amid a maturing e-signature market and emerging AI threats to standalone document software.