AvidXchange price target raised to $10 from $9 at Goldman Sachs

Goldman Sachs analyst Will Nance raised the firm’s price target on AvidXchange (AVDX) to $10 from $9 and keeps a Sell rating on the shares. Since the election, the median payment technology stock in coverage has increased 18%, with higher beta growth names with pro-cyclical exposure, among other factors, outperforming the most, the analyst tells investors in a research note. The firm believes fintech is a net beneficiary of a stronger economy and inflation as well as many of the potential policy changes in the new administration. However, against the backdrop of more elevated valuations and limited visibility to an acceleration in fundamentals, it prefers “to be a bit more selective.”