AvidXchange initiated with bullish view at BTIG, here’s why

BTIG analyst Lance Jessurun initiated coverage of AvidXchange with a Buy rating and $14 price target. AvidXchange is a leading provider of accounts payable automation for middle-market businesses, the analyst tells investors in a research note. The firm anticipates “significant” margin expansion and operating leverage, which should drive both gross margin and adjusted EBITDA margin improvement as revenue scales. BTIG says AvidXchange is its top SMID-cap pick for fiscal 2024 given the “highly attractive setup and very low consensus estimate bar.”