Wall Street is overwhelmingly bullish on the stocks in this article, with price targets suggesting significant upside potential. However, it’s worth remembering that analysts rarely issue sell ratings, partly because their firms often seek other business from the same companies they cover.

Unlike the investment banks, we created StockStory to provide independent analysis that helps you determine which companies are truly worth following. That said, here are three stocks where Wall Street may be overlooking some important risks and some alternatives with better fundamentals.

DocuSign (DOCU)

Consensus Price Target: $96.70 (28.4% implied return)

Founded by Seattle-based entrepreneur Tom Gonser, DocuSign (NASDAQ:DOCU) is the pioneer of e-signature and offers software as a service that allows people and organisations to sign legally binding documents electronically.

Why Are We Wary of DOCU?

1. Offerings struggled to generate meaningful interest as its average billings growth of 6.6% over the last year did not impress

2. Platform has low switching costs as its net revenue retention rate of 99.8% demonstrates high turnover

3. Competitive market means the company must spend more on sales and marketing to stand out even if the return on investment is low

DocuSign’s stock price of $73.24 implies a valuation ratio of 5.4x forward price-to-sales. To fully understand why you should be careful with DOCU, check out our full research report (it’s free) .

Bentley (BSY)

Consensus Price Target: $56.58 (32.2% implied return)

Founded by brothers Keith and Barry Bentley, Bentley Systems (NASDAQ:BSY) offers a software-as-a-service platform that addresses the lifecycle of infrastructure projects such as road networks, tunnel systems, and wastewater facilities.

Why Does BSY Worry Us?

1. Products, pricing, or go-to-market strategy may need some adjustments as its 7.5% average billings growth over the last year was weak

2. Estimated sales growth of 9.3% for the next 12 months implies demand will slow from its three-year trend

3. Projected 2.6 percentage point decline in its free cash flow margin next year reflects the company’s plans to increase its investments to defend its market position

Bentley is trading at $40.88 per share, or 9.5x forward price-to-sales. Dive into our free research report to see why there are better opportunities than BSY .

BD (BDX)

Consensus Price Target: $277.80 (38.5% implied return)

With a history dating back to 1897 and a presence in virtually every hospital around the globe, Becton Dickinson (NYSE:BDX) develops and manufactures medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions and professionals worldwide.