Needham lowered the firm’s price target on BigCommerce to $14 from $20 but keeps a Buy rating on the shares. The company reported strong upside to expectations in Q4, highlighted by reaccelerating top line growth in Subscription and Partner and Services Revenue, or PSR, the analyst tells investors in a research note. The management remains cautious heading into 2024 as shown in the guide, but incremental optimism showed through in commentary regarding down-selling pressure improving, the firm added.
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Read More on BIGC:
- 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
- BigCommerce reports Q4 adjusted EPS 9c, consensus 5c
- BigCommerce to Present at Morgan Stanley Technology, Media & Telecom Conference
