Bill price target lowered to $57 from $65 at Wells Fargo

Wells Fargo lowered the firm’s price target on Bill (BILL) to $57 from $65 and keeps an Underweight rating on the shares. Ahead of the print, the firm was skeptical, and believed that unproven elements of the long-term thesis were being overlooked, most importantly, take rate. These concerns manifested in a Q3 guide down despite improving SMB optimism, Wells adds.