Bill.com initiated with a Neutral at Mizuho

Mizuho analyst Siti Panigrahi initiated coverage of Bill.com with a Neutral rating and $105 price target. While encouraged by the company’s estimated $25 trillion U.S. business-to-business payment opportunity and secular tailwinds driving bill pay adoption and monetization post COVID, the analyst believes the greenfield small business payment market remains increasingly competitive. This could represent a potential medium-term risk to Bill.com, and the stock’s current valuation already reflects its near-term growth, Panigrahi tells investors in a research note.