AvidXchange price target raised to $10 from $9 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on AvidXchange (AVDX) to $10 from $9 and keeps a Neutral rating on the shares. The firm says Q3 brought encouraging signs of stabilization in AvidXchange’s business with a net full year revenue raise to the core, improvement in transaction retention, and return to sequential growth in transaction yield. Headwinds in discretionary spending have weighed on underlying growth trends in the company’s business for several quarters, but management indicated Q3 was an encouraging inflection in spending trends, Piper says.