BILL Holdings' Growth Prospects Clouded By Investment Pressures, Legal Concerns: Goldman Sachs Downgrades Stock
BILL Holdings' Growth Prospects Clouded By Investment Pressures, Legal Concerns: Goldman Sachs Downgrades Stock
BILL Holdings, Inc (NYSE:BILL) stock traded lower Friday after multiple firms lowered their price targets. The firms included Goldman Sachs, Keefe, Bruyette & Woods, Susquehanna, Baird, and Evercore ISI.
BILL Holdings, Inc (纽交所:BILL)股票周五交投较低，多家公司下调了其价格目标。这些公司包括高盛、Keefe，Bruyette & Woods、Susquehanna、Baird和Evercore ISI。
BILL Holdings reported fourth-quarter revenue of $343.67 million, up by 16.1% year-on-year, beating the analyst estimate of $325.83 million.
BILL Holdings报告了第四季度营业收入为34367万美元，同比增长16.1%，高于分析师预期的32583万美元。
For the first quarter, it expects revenue of $346 million-$351 million. It anticipates fiscal 2025 revenue of $1.415 billion-$1.450 billion (prior $1.267 billion-$1.277 billion)
对于第一季度，预计营业收入为34600万美元至35100万美元。预计2025财年的营业收入为14.15亿美元至14.5亿美元（之前为12.67亿美元至12.77亿美元）。
Goldman Sachs: Analyst Will Nance downgraded the rating on BILL Holdings to Neutral (from Buy) with a price target of $54 (down from $86).
高盛：分析师Will Nance将BILL Holdings的评级由买入下调至中立，目标价下调至54美元（之前为86美元）。
While Nance's investor conversations leading up to earnings were negative, the buy-side revenue numbers were below the sell side.
虽然Nance在财报发布前与投资者的交谈是负面的，但买方收入数据低于卖方。
The analyst writes that the incremental commentary around investments is likely to push out valuation support and is notable given the pressure on customer funds that the current interest rate curve implies over the next year.
分析师写道，围绕投资的增量评论很可能推动估值支持程度下降，并且鉴于当前利率曲线对客户基金产生压力的预期，这一点值得注意。
While the company is guiding a return to over 20% growth in fiscal 2026 on the back of these investments, it reflects the expectation of a resumption in the take rate expansion in the back half of the year. Additionally, there is headline risk around potential litigation settlements related to Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA) if credit interchange comes under more significant pressure.
虽然该公司预计在2026财年实现超过20%的增长，并将投资作为支撑，但这预示着在年底时点拓宽收费率的扩张预期。此外，如果信用交换再受到更大的压力，与Visa Inc (纽交所:V)和Mastercard Inc (纽交所:MA)相关的潜在诉讼和和解可能存在风险。
Given the higher levels of investments and the lower valuation support over the near term, Nance rerated the stock.
鉴于投资水平较高且短期内估值支持较低，Nance对该股票进行了重估。
Since Nance added BILL Holdings to the Americas Buy List on January 11, 2022, the stock has plunged 76.1% versus the S&P500, which is up 19.3%, due to weaker-than-expected TPV per customer trends against a weaker macro backdrop and decreasing attachment to higher monetization payment methods.
自2022年1月11日，南斯将BILL Holdings加入美洲买入名单以来，股价下跌了76.1%，而标普500指数上涨了19.3%，这是由于客户交易额较预期较弱，背景宏观环境较弱，以及更低的高度货币化支付方法的附着力下降。
In the current macro environment of elevated uncertainty and continued pressure on take rates, the analyst noted the near-term results are unlikely to be a catalyst for shares to resume outperformance.
在当前宏观环境中，不确定性持续升高，利率持续下压，分析师指出，短期业绩不太可能成为推动股价继续跑赢的催化剂。
Price Action: BILL stock traded lower by 5.99% at $47.70 at the last check on Friday.
股价走势：BILL股票上周五最后一次交易时以47.70美元的价格下跌了5.99%。