Bill price target lowered to $100 from $200 at Needham

Needham analyst Scott Berg lowered the firm’s price target on Bill to $100 from $200 and keeps a Buy rating on the shares. The company reported strong Q1 results with upside to revenue estimates and margins and sales commentary remained positive, including another 4K core Bill customer additions expected in Q2, but FY24 total revenue guidance was lowered “dramatically” due to payment mix favoring lower cost transactions reducing overall revenue growth from 22.6% to 15.7%, the analyst tells investors in a research note.