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

KeyBanc analyst Josh Beck lowered the firm’s price target on Bill to $100 from $125 and keeps an Overweight rating on the shares after surveying over 100 SMBs in Jan/Feb expressing an optimistic 3% 2023 tech spend growth outlook. However, given heightened macro uncertainty, the firm would interpret the results with an air of caution. Despite the constructive survey takeaways, KeyBanc cites what may be more delayed or constrained SMB spending environments due to macro cross-currents for the price target decrease.