Oppenheimer analyst Ken Wong raised the firm’s price target on Bill to $95 from $83 and keeps an Outperform rating on the shares. The company’s Q2 revenue topped expectations amid accelerating TPV growth and rising earnings due to the 15% reduction in force creating $60M in annualized savings, the analyst tells investors in a research note. The firm adds that it continues to view the current business softness as cyclical, and views pullbacks in Bill.com stock price as attractive buying windows to own a “long-term secular winner”.
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