Bill price target lowered to $124 from $140 at JPMorgan

JPMorgan analyst Tien-tsin Huang lowered the firm’s price target on Bill to $124 from $140 and keeps an Overweight rating on the shares. There were “lots of moving pieces” to Bill’s results and outlook but the focus will likely be fiscal 2024 growth coming down, the analyst tells investors in a research note. However, the firm believes the “short-term pain seems worth the longer-term gain,” saying Bill is significantly expanding its partnership with Bank of America is a vote of confidence in its solution.