Bill price target lowered to $72 from $90 at BofA

BofA lowered the firm’s price target on Bill (BILL) to $72 from $90 and keeps a Buy rating on the shares after speaking with a dozen accounting partners to gauge Q4 customer signing and general trends. BofA noted steady, sustained cross selling activity for CrossBorder, while virtual card remains weaker due to sustained macro pressure, and also noted little change in the competitive environment, with customers citing Ramp and Brex in competitive deals to Divvy, the analyst tells investors in a research note. The firm says Intuit’s (INTU) QuickBooks bill pay offering is still fairly nascent.