Bill price target lowered to $116 from $120 at BMO Capital

BMO Capital lowered the firm’s price target on Bill to $116 from $120 and keeps a Market Perform rating on the shares. The company’s Q4 results were “mixed” with revenue growth outlook for FY24 about two points below consensus highlighting the ongoing uncertainty in SMB spending trends, the analyst tells investors in a research note. Concerns about the competitive environment are driving BMO’s neutral stance, even though the firm sees potential for a more favorable set-up as the company laps the biggest headwinds over the next few quarters, the analyst added.