Bill price target lowered to $80 from $95 at Jefferies

Jefferies lowered the firm’s price target on Bill to $80 from $95 and keeps a Buy rating on the shares. The firm expects a largely in-line quarter on Core revenue paired with some float-driven upside on margins. Tight credit conditions have impacted Bill’s SMB customers, and the recent spike in rates could make the headwinds persist. 3P data also signaled reason for caution, Jefferies adds. While the valuation is reasonable, the firm thinks the stock may struggle to push higher absent material fundamental upside or more clarity on the BofA deal.