As previously reported, BTIG analyst Matt VanVliet downgraded Bill.com to Neutral from Buy with no price target. The company’s Q2 results were quite strong, but the forward outlook was well below expectations as growth appears to be slowing to a "more sustainable level", the analyst tells investors in a research note. The firm further notes that the forward outlook might not be the last cut as the small business community tends to react more quickly and with greater volatility than large enterprises, making its future results "beholden to a recovery in economic activity".
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