Bill downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Bill to Peer Perform from Outperform without a price target. While the shares have already underperformed year-to-date, headwinds around spend trends, customer additions, and take rate warrant a move to the sidelines, the analyst tells investors in a research note. The firm now has reduced confidence in the key drivers needed for Bill’s sustainable growth medium term.