BigCommerce downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded BigCommerce (BIGC) to Neutral from Buy with a price target of $9.50, down from $11.50. The firm’s prior thesis had been predicated on BigCommerce taking share in the mid-market enterprise segment due to its open-ecosystem software-as-a-service approach. However, the analyst now believes the share gain thesis will take longer to play out. BigCommerce needs to continue investing in both product functionality and go to market while Shopify (SHOP) has made steady progress with its momentum into the enterprise segment via Shopify Plus, the analyst tells investors in a research note.