Bill.com price target lowered to $135 from $161 at JPMorgan

JPMorgan analyst Tien-tsin Huang lowered the firm’s price target on Bill.com to $135 from $161 and keeps an Overweight rating on the shares. The analyst says fears of weaker payment volume growth across the company’s small business base were realized with Q1 TPV decelerating 18 percentage points to 13%. The "sticker shock" will likely inflame the bear view that Bill.com’s install base is highly cyclical and/or lower quality, the analyst tells investors in a research note. The firm expects a stock reset back to recent lows given a break in beat-and-raise trend and TPV cyclicality debate.