Bill price target lowered to $45 from $60 at Wells Fargo

Wells Fargo analyst Andrew Bauch lowered the firm’s price target on Bill to $45 from $60 and keeps an Underweight rating on the shares ahead of the fiscal Q4 report on Thursday. The firm reduced estimates on a more challenging take rate expansion path given macro headwinds and peers calling out ongoing discernment around payment acceptance costs among suppliers. The analyst believes Bill’s current EBITDA multiple is more likely to contract than expand from here.