BigCommerce Holdings (BIGC) PT Lowered to $8 at Stifel

Stifel analyst J. Parker Lane lowered the price target on BigCommerce Holdings (NASDAQ: BIGC) to $8.00 (from $10.00) while maintaining a Buy rating.

The analyst commented: "BigCommerce announced a surprising change in its leadership ranks on Wednesday after the close. Chief Executive Officer Brent Bellm will be departing the business, and will no longer serve as Chairman of the Board, effective immediately. President Travis Hess has been appointed as CEO, and Ellen Siminoff will assume the role of Executive Chair of the Board. BigCommerce reaffirmed its 3Q guidance as part of the announcement. We believe the transition should go smoothly given Mr. Hess' role in BigCommerce's go-to-market re-structuring, but questions remain surrounding the genesis of the CEO change. We maintain our Buy rating, but lower our target price to $8."

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