Bill price target raised to $140 from $110 at KeyBanc

KeyBanc raised the firm’s price target on Bill to $140 from $110 and keeps an Overweight rating on the shares. The firm is incrementally positive on Divvy’s long-term potential serving targeted SMBs in focused verticals, and believes Divvy’s ongoing integration with core Bill.com toward an ultimate unified platform in CY23 will create go-to-market synergies that allow Divvy to leverage Bill.com sales channels and network for more aggressive cross-sell activity driving meaningful net adds in the $23B U.S. card spend and expense management market, the analyst tells investors in a research note.