AvidXchange price target lowered to $10 from $13 at BMO Capital

BMO Capital lowered the firm’s price target on AvidXchange to $10 from $13 and keeps a Market Perform rating on the shares after its “slower than expected” Q2 revenue growth. The firm expects the lack of visibility around the revenue growth profile to weigh on AvidXchange valuation multiple until macro choppiness abates, transaction growth accelerates and changes in supplier behaviour reverts closer to normal, the analyst tells investors in a research note.