AvidXchange price target lowered to $9 from $10 at Wells Fargo

Wells Fargo analyst Andrew Bauch lowered the firm’s price target on AvidXchange (AVDX) to $9 from $10 and keeps an Equal Weight rating on the shares. While Q3 will act as an important first step toward winning back investor support, the bar is far lower, and the firm believes a mix of near-term and long-term concerns will take multiple quarters to dissipate.