Mastercard-backed AvidXchange gets wave of 'buy' ratings as IPO quiet period ends

AvidXchange Holdings

08/11/2021 12:21

** Analysts at banks that worked on business payments firm
AvidXchange Inc's  AVDX.O  IPO issue bullish reports after
research quiet period ends
    ** AVDX shares on Fri closed at $23.81 vs last month's IPO
price of $25. Shares are up nearly 4% before the bell
 urn:newsml:reuters.com:*:nL4N2R93AP
    ** JP Morgan, one of the lead bookrunners for AVDX's IPO,
initiates at 'overweight' with $28 PT
    ** JPM views AVDX as the leading accounts payable automation
solution in middle market B2B payments, and believes the market
is underappreciating co's "durable" compound revenue growth rate
of 20+%
    ** Credit Suisse starts at 'outperform' ($28 PT)
    ** Continued product innovation, new vertical entry (organic
and through acquisitions), and international expansion should
offer upside growth potential - Credit Suisse
    ** Piper Sandler initiates at 'overweight' ($28 PT), saying
opportunity to digitize back-office operations and B2B payment
workflows for U.S. middle-market firms represents large $20 bln
total addressable market
    ** Along with Mastercard  MA.N , AVDX's backers include
Blackrock  BLK.N , Bain Capital, Canadian pension fund Caisse de
depot and Singapore’s Temasek 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))