Bill downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Chris Quintero downgraded Bill (BILL) to Equal Weight from Overweight with a price target of $55, down from $60. Many of the firm’s prior bullish thesis assumptions, including small business spending improvement and take rate expansion, are not playing out, the analyst tells investors in a research note. The firm further cites an increasingly uncertain macro environment and believes that FY26 estimates are looking too high given the lack of positive catalysts.