KeyBanc analyst Josh Beck raised the firm's price target on Bill.com to $250 from $225 (46.8% upside) and kept an Overweight rating on the shares.
Bill.com reported a large beat, topping Street revenue by ~26%, and Divvy momentum remains strong at 188% growth, Beck tells investors in a research note.
The analyst thinks Bill.com should be a core large-cap holding provided strong network effects across buyers/suppliers, expanding distribution channels, and untapped payments digitization.
Oppenheimer analyst Brian Schwartz lowered the firm's price target on Bill.com to $285 from $370 (67.4% upside) and kept an Outperform rating on the shares.
Bill.com's Q2 results lend good support to the firm's rebound-first call on the stock, a strong fundamentals story, and follow what has been a rotation out of the high-valuation momentum names.
However, he thinks the most significant risk is the possibility that the rotation away from high-valuation growth names with no current earnings or positive cash flow continues.
Price Action: BILL shares traded higher by 24.80% at $212.50 in the premarket session on the last check Friday.
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