Truist Securities upgraded Bill.com Holdings Inc. (NYSE: BILL) from Hold to Buy and raised its price target to $63 from $50, sending shares up more than 1% on Friday.
The firm said its bullish stance was based on three factors: potential upside to Street revenue forecasts, optionality from activist involvement by Elliott Management and Starboard Value, and expectations for a rebound in sentiment as estimates have bottomed.
Truist noted Bill.com had been the worst-performing stock in its coverage group this year, creating room for a “catch-up trade.”
