Stifel lowered the firm’s price target on BigCommerce to $8 from $10 and keeps a Buy rating on the shares after the company announced a “surprising change” in its leadership, with CEO Brent Bellm departing and will no longer serve as Chairman of the Board, effective immediately. President Travis Hess has been appointed as CEO, and the firm believes the transition should go smoothly given Hess’ role in BigCommerce’s go-to-market re-structuring, but adds that questions remain surrounding the genesis of the CEO change.
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