Bill downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette analyst Sanjay Sakhrani downgraded Bill to Market Perform from Outperform with a price target of $120, down from $150. The analyst cites rising concern around Bill’s competitive positioning and the positive re-rating in its valuation for the downgrade. Keefe has increasingly received feedback from channel checks that the Bill platform has a relatively weak user interface versus peers, and its redirect model/access among partners puts it at a disadvantage versus more recent entrants, the analyst tells investors in a research note.