Bill price target lowered to $100 from $125 at Jefferies

Jefferies analyst Samad Samana lowered the firm’s price target on Bill (BILL) to $100 from $125 and keeps a Buy rating on the shares. The analyst believes Bill will "at least" meet consensus estimates for fiscal 2023. However, the firm is not expecting significant upside, saying third party and macro data suggest trends largely decelerated. Nonetheless, investor expectations are "fairly muted" due to concerns around bank sector uncertainty and the looming threat posed by Intuit (INTU), the analyst tells investors in a research note. Despite the sharp pullback in the stock, Bill needs to show its growth has stabilized to restore investor confidence, contends Jefferies.