Bill assumed with a Buy at UBS

UBS assumed coverage of Bill with a Buy rating and $126 price target. The firm assumed or initiated coverage of 30 payments, processors and financial technology stocks. UBS believes software-led distribution is increasingly becoming the channel required to participate in the 70% of industry revenues sourced via underlying small businesses, of which the vast majority could ultimately be running through a software platform longer-term. Those best positioned will either be owners of the software or the preferred partners to these software companies in embedding and monetization-enhancing financial services across multiple channels, products, and geographies, the analyst tells investors in a research note. UBS also expects continued high single digit to low double digit compounding medium-term revenue growth for Visa and Mastercard.