AvidXchange downgraded to Neutral from Buy at BTIG

BTIG analyst Andrew Harte downgraded AvidXchange (AVDX) to Neutral from Buy following the announcement that TPG (TPG), in partnership with Corpay (CPAY), entered into a definitive agreement to acquire the company for $10 per share. The firm thinks the $10 per share acquisition price is “fair” and expects shareholders to be in support of the proposed acquisition, the analyst tells investors.