AvidXChange Holdings (AVDX) PT Raised to $13 at BMO Capital, Maintains Market Perform Rating

BMO Capital analyst Rufus Hone raised the price target on AvidXChange Holdings (NASDAQ: AVDX) to $13.00 (from $11.00) while maintaining a Market Perform rating.

The analyst commented, "Following AVDX's broad-based 4Q beat, we raise our forward EBITDA estimates 13-16% and increase our target to $13 (from $11). AVDX's 2024 EBITDA guide meaningfully beat Street expectations, with 4Q demonstrating stronger-than-expected core transaction yield improvement and efficiency gains. Importantly, AVDX's underlying revenue growth (excl. float/political revenue) is expected to accelerate in 2024, and we see potential upside to AVDX's initial guidance. We now view AVDX as one of our preferred Mkt-rated stocks. However, for SMID-cap investors, we see slightly greater relative value among OP-Rated NVEI and RELY."

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