Bill price target raised to $55 from $50 at Oppenheimer

Oppenheimer analyst Ken Wong raised the firm’s price target on Bill (BILL) to $55 from $50 and keeps an Outperform rating on the shares. The firm notes the company delivered above-consensus revenue and free cash flow despite some slowdown in transactional activity and slightly lower customer spend, with TPV/customer declining -2%. While sentiment was already cautious into the print, Oppenheimer expects commentary around softness in particular verticals and flattening Q4 take rate to lead investors to question the company’s 20% FY26 growth target. While the timeline to revenue acceleration has potentially been pushed out, the firm remains positive on the growth trajectory in a normalized environment.