BigCommerce price target lowered to $12 from $14 at Canaccord

Canaccord analyst David Hynes lowered the firm’s price target on BigCommerce to $12 from $14 and keeps a Buy rating on the shares. The analyst said BigCommerce’s Q4 results and initial outlook for 2023 weren’t great as . management pointed to a number of factors to rationalize this outlook including delayed decisioning in the enterprise, anticipated contraction in the commercial market, and a moderation of GMV trends exiting Q4.