BofA downgraded BigCommerce to Underperform from Neutral with a price target of $7.50, down from $11. The analyst sees few catalysts to drive shares higher over the medium term. The key growth metric for the e-commerce software category is revenue growth, and BofA forecasts 2024 growth of 5.7% year-over-year, which is below the U.S. industry outlook and BigCommerce’s pure play global peers, the analyst tells investors in a research note. The firm says BigCommerce operates in a market with “fierce” competition amid a tough macro environment which presents risks to revenue growth.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BIGC:
- BigCommerce Grants Performance-Based Stock to Executives
- BigCommerce price target lowered to $14 from $20 at Needham
- BigCommerce Announces Fourth Quarter and Fiscal Year 2023 Financial Results
- BigCommerce sees Q1 revenue $76M-$78M, consensus $80.1M
- BigCommerce sees FY24 revenue $327.1M-$335.1M, consensus $336.34M
