Bill.com initiated with a Buy at Citi

Citi analyst Andrew Schmidt initiated coverage of Bill.com with a Buy rating and $131 price target. Bill.com is a "scarce" pure-play on business-to-business commerce digitization and intelligence for smaller businesses, the analyst tells investors in a research note. Citi says the large end market and secular business-to-business payments and software growth runway is the foundation of the Bill.com’s opportunity. It has an attractive, higher-growth financial model and is profitably scaling, writes the analyst.