AvidXchange downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded AvidXchange (AVDX) to Sector Weight from Overweight without a price target The company’s fiscal 2025 guidance “was a disappointment top to bottom” as macro challenges and a softer 2024 exit rate of customer additions is folded into the outlook, adding “further scrutiny” to the AvidXchange growth algorithm, the analyst tells investors in a research note. The firm looks for clarity on several items noted before getting more constructive on the company’s growth algorithm and near-term outlook.