Bill.com Holdings Inc. (BILL) PT Raised to $176 at Susquehanna After Adding Divvy to the Model
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Susquehanna analyst John Coffey raised the price target on Bill.com Holdings Inc. (NYSE: BILL) to $176.00 (from $160.00) after adding the June 1st acquisition of SMB corporate card issuer Divvy into the model.
The analyst reiterated a Neutral rating, stating "Metrics on Divvy are sparse, but we estimate Divvy may boost BILL's FY22 net revenue by ~18%. Raising price target to $176." He went on to state "Corporate card spending (think: T&E, large one-off expenses) generally has limited overlap with the AP spending that BILL specializes in. By acquiring Divvy, BILL can (a) realize revenues from previously inaccessible categories of corporate spend as well as (b) cross-sell AP (legacy BILL) and corporate cards (Divvy) to the other's customer base. Of Divvy's 7.5K customers and BILL's 115K customers, the current customer overlap is only ~1K."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesSusquehanna International Group of Companies, Definitive Agreement
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