Piper Sandler analyst Clarke Jeffries downgraded BigCommerce to Neutral from Overweight with a price target of $12, down from $16. The analyst sees rising execution risks and tempered expectations on the stabilization in the company’s Commercial segment. Following the workforce reduction, BigCommerce’s Commercial annual recurring revenue could come in worse than anticipated as the pullback in go-to-market investments reduces the backfill of ARR that offsets typical churn, the analyst tells investors in a research note. The firm see the stock’s risk/reward as balanced given the potential for e-commerce growth to remain challenged in 2023
Published first on TheFly
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