Baird analyst David Koning lowered the firm’s price target on Bill to $120 from $140 and keeps a Neutral rating on the shares. The firm views the risk/reward balanced as 2024 revenue guidance was below Street, potential macro impact from SMB spending, and the stock trades at the higher end of fast-growth fin tech valuations. Baird said they would be more likely to upgrade the stock at closer to $90 per share.
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