AvidXchange price target raised to $14 from $13 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on AvidXchange to $14 from $13 and keeps a Neutral rating on the shares. The firm says macro headwinds continue to pressure top-line growth ex-float, which came in at 12%. That said, Piper was pleased by solid execution during Q4 with the $5M revenue beat driven by $2.8M upside from float income on seasonally higher customer ending balances and high interest rates.