AvidXchange price target lowered to $11 from $14 at BTIG

BTIG analyst Andrew Harte lowered the firm’s price target on AvidXchange (AVDX) to $11 from $14 and keeps a Buy rating on the shares. The company’s “underwhelming” fiscal 2025 core growth guidance is due to management’s expectation for a 6% headwind to net transaction retention as customers have demonstrated conservative spending decisions entering the year, the analyst tells investors in a research note. BTIG is “surprised” AvidXchange’s net transaction retention is expected to be sub-100 again but points out management expressed confidence in its top-of-funnel customer additions. It believes the company’s long-term growth opportunity remains very attractive.