After Bill (BILL).com put out a press release stating it plans to engage with Starboard Value, which disclosed an 8.5% activist stake, BTIG thinks an activist investor could first focus on operational and margin improvements, adding that the firm believes Bill has “a very significant pricing opportunity.” The firm sees “several pathways” for Bill to be a successful investment, noting both the “massive amount of whitespace in front of the company” and the fact that several peers have been acquired at a premium. BTIG has a Buy rating and $60 price target on the shares.
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