Bill price target raised to $165 from $110 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Bill to $165 from $110 and keeps an Overweight rating on the shares. The analyst increased estimates and sees upside to Bill’s fiscal consensus growth estimate of 24% following “encouraging” signs of demand stabilization in core total payment volume based on third-party inputs. A new unified console across Bill and Divvy could “spark a material growth unlock” with every $1B gross merchandise volume cross-sell adding $250M in incremental revenue, the analyst tells investors in a research note.