AvidXchange downgraded to Neutral from Buy at UBS

UBS analyst Timothy Chiodo downgraded AvidXchange to Neutral from Buy with a price target of $10, down from $15. The company’s fiscal 2024 revenue guidance decreased, with management citing less constructive and uncertain macro trends, the analyst tells investors in a research note. The firm believes additional confidence in a more meaningful re-acceleration in sales trends will be required for the shares to see upside, while a more muted pace would suggest further share downside. As such, UBS sees a balanced risk/reward for AvidXchange.