Bill price target lowered to $70 from $85 at KeyBanc

KeyBanc lowered the firm’s price target on Bill (BILL) to $70 from $85 and keeps an Overweight rating on the shares. Back-office defensibility and prioritization of expense/cash flow management are positive indicators, but the consumption-based nature of the model is an obvious offset given persistent downward operating cost pressure cited among respondents, the firm says. Plenty of headroom remains across AP/AR and expense management as evident by prevalence of Excel/Sheets, KeyBanc adds.