The firm sees multiple expansion for BILL Holdings as fundamentals improve despite recent investor skepticism and a sharp share decline.
TD Cowen initiated coverage of BILL Holdings (NYSE:BILL) with a Buy rating and a $43 price target on June 22, 2026. The firm highlighted BILL’s leadership in accounting management solutions for small businesses, citing improving fundamentals and execution as drivers for a steadier upward trajectory in shares.
BILL has fallen 40% year-to-date, prompting muted investor sentiment. Earlier this month, Truist downgraded the stock to Hold with a $35 target, down from $45, citing AI-driven uncertainty and a less clear positive catalyst path. Truist also noted intensifying competition could push core revenue growth into the low-teens next year.
TD Cowen’s bullish stance contrasts with Truist’s cautious outlook, emphasizing BILL’s potential for multiple expansion despite near-term headwinds.