UPDATE: Jefferies Starts BigCommerce Holdings (BIGC) at Hold

(Updated - August 31, 2020 5:39 AM EDT)

(updating comment)

Jefferies analyst Samad Samana initiates coverage on BigCommerce Holdings (NASDAQ: BIGC) with a Hold rating and a price target of $130.00.

The analyst comments "BIGC's focus on larger merchants, its differentiated technology, and strong leadership position it as a winner in the e-commerce software market. The pivot to digital commerce due to COVID-19 serves as a further accelerant for BIGC's growth. Despite our very positive view on the business, we initiate at Hold due to the >400% move in the stock following the IPO at $24. The stock trades at 48x EV/2022 rev, a considerable premium to other SW high-flyers (16x avg)."

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