KeyBanc raised the firm’s price target on AvidXchange to $15 from $12 and keeps an Overweight rating on the shares. Following a well-received analyst day that featured insightful new disclosure, the firm re-builds its AvidXChange five-year model and raises numbers primarily due to higher payments penetration and improved efficiency, which place its adjusted EBITDA of $106M by 2025, well above the Street at $85M. KeyBanc walks away from the analysis more convicted in the company’s potential to achieve a Rule of 40 in the medium-term and Rule of 50 in the long-term.
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