As previously reported, BofA analyst Koji Ikeda downgraded BigCommerce to Neutral from Buy with a price target of $11, down from $21. While positive on the business and its long-term potential to disrupt the e-commerce opportunity, the company is currently transitioning the majority of its go-to-market efforts to the upmarket, introducing execution risk and creating a balanced risk/reward, Ikeda tells investors. The pivot away from non-enterprise will likely be a headwind to growth until enterprise becomes the vast majority of ARR, which he sees as likely to take 12-18 months, the analyst added.
Published first on TheFly
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