UPDATE: KeyBanc Starts BigCommerce Holdings (BIGC) at Sector Weight

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

(updating comment)

KeyBanc analyst Josh Beck initiates coverage on BigCommerce Holdings (NASDAQ: BIGC) with a Sector Weight rating.

The analyst comments "BigCommerce open SaaS platform is well suited for sustained enterprise share gains. We estimate a LSD market in a $2T+ TAM. Compelling unit economics (106% NRR and LTV:CAC >4x) warrant investment which could offer upside due to: 1) public/Digital Acceleration halo; 2) new logos and 3) international. Despite our product, TAM, and team enthusiasm, shares have risen 456% since Aug. 5, 2020 (vs. NASDAQ down 25%) and the significant EV/S/G premium (BIGC at ~3x vs peers at ~1x) leaves us searching for a better entry point, thus we initiate at SW."

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