Bill downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded Bill to Sector Weight from Overweight without a price target. The company revised fiscal 2024 guidance lower as headwinds to payment volume picked up in late Q3 and persisted through October, the analyst tells investors in a research note. The firm believes macro headwinds and investment sentiment will continue to challenge the near-term performance of shares. It views Bill.com as a long term category winner but sees a lack of catalysts for shares at this juncture.