Bill price target lowered to $110 from $140 at Piper Sandler

Piper Sandler lowered the firm’s price target on Bill to $110 from $140 and keeps an Overweight rating on the shares. Bill is the worst performing stock on the sector, declining 30% year-to-date, as macro headwinds pressure transactional business-to-business payments, the analyst tells investors in a research note. After the disappointing core payment volume outlook last quarter, investor sentiment has turned even more negative on fears that Divvy growth "could be the next to drop," says the firm. However, Piper believes that despite "temporary" growth challenges, Bill has a durable model and could sustain 20% growth over the next five years.