AvidXchange price target raised to $12 from $10 at Wells Fargo

Wells Fargo raised the firm’s price target on AvidXchange to $12 from $10 and keeps an Equal Weight rating on the shares. Despite a sharper than expected growth deceleration, shares held up admirably in 2023, the firm says. While comps ease and political spend returns in 2024, Wells questions whether a growth re-acceleration is achievable.