Bill price target raised to $122 from $100 at Jefferies

Jefferies raised the firm’s price target on Bill to $122 from $100 and keeps a Buy rating on the shares. The firm believes Bill will at least meet consensus for Q4, and likely beat modestly. Both 3P and macro data suggest an ongoing slowdown in trends. Jefferies thinks investor expectations have cooled following results from several companies in the broader ecosystem. The stock has pulled back due to this as well. The firm sees the setup as generally favorable given the lower bar and the more reasonable valuation, and FY24 guidance as the swing factor.