AvidXchange downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Will Nance downgraded AvidXchange (AVDX) to Sell from Neutral with a price target of $11.50, down from $13. While AvidXchange is a leader in the digitization of business-to-business payments for middle market companies, the stock has increased 31% since the Q3 earnings report, the analyst tells investors in a research note. The firm now sees AvidXchange’s risk/reward as more negative, saying the shares trade roughly in-line to higher growth competitor Bill (BILL). Street estimates are already baking in an acceleration in underlying growth rates, says Goldman.