Citi cuts Bill target but says risk/reward favorable after selloff

Citi lowered the firm’s price target on Bill to $108 from $131 and keeps a Buy rating on the shares. The analyst says two factors may support Bill investor "relief following an anxious Friday:" the company’s SVB Financial-held cash exposure and operational transition are manageable, and its insured and uninsured deposits are to be available today. The 15% stock decline Friday reflected uncertainty regarding Bill’s SVB exposure, which "now seems exacerbated" relative to an estimated $3-$4 per share cash exposure that will be recouped, the analyst tells investors in a research note. Citi remains positive on Bill and views the stock’s risk/reward as favorable.