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 (紐交所:BILL)股票週五交投較低，多家公司下調了其價格目標。這些公司包括高盛、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報告了第四季度營業收入爲34367萬美元，同比增長16.1%，高於分析師預期的32583萬美元。
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)
對於第一季度，預計營業收入爲34600萬美元至35100萬美元。預計2025財年的營業收入爲14.15億美元至14.5億美元（之前爲12.67億美元至12.77億美元）。
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：分析師Will Nance將BILL Holdings的評級由買入下調至中立，目標價下調至54美元（之前爲86美元）。
While Nance's investor conversations leading up to earnings were negative, the buy-side revenue numbers were below the sell side.
雖然Nance在業績發佈前與投資者的交談是負面的，但買方收入數據低於賣方。
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.
分析師寫道，圍繞投資的增量評論很可能推動估值支持程度下降，並且鑑於當前利率曲線對客戶基金產生壓力的預期，這一點值得注意。
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.
雖然該公司預計在2026財年實現超過20%的增長，並將投資作爲支撐，但這預示着在年底時點拓寬收費率的擴張預期。此外，如果信用交換再受到更大的壓力，與Visa Inc (紐交所:V)和Mastercard Inc (紐交所:MA)相關的潛在訴訟和和解可能存在風險。
Given the higher levels of investments and the lower valuation support over the near term, Nance rerated the stock.
鑑於投資水平較高且短期內估值支持較低，Nance對該股票進行了重估。
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，南斯將BILL Holdings加入美洲買入名單以來，股價下跌了76.1%，而標普500指數上漲了19.3%，這是由於客戶交易額較預期較弱，背景宏觀環境較弱，以及更低的高度貨幣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.
在當前宏觀環境中，不確定性持續升高，利率持續下壓，分析師指出，短期業績不太可能成爲推動股價繼續跑贏的催化劑。
Price Action: BILL stock traded lower by 5.99% at $47.70 at the last check on Friday.
股價走勢：BILL股票上週五最後一次交易時以47.70美元的價格下跌了5.99%。
