Bigcommerce slips as brokerages trim PT on slow growth expectations

Commerce.com

19/12/2022 19:21

** Shares of software-as-a-service (SaaS) ecommerce platform
BigCommerce Holdings Inc  BIGC.O  fall ~9% to $8.59 
    ** Canaccord Genuity cuts PT to $14 from $18, maintains
'buy' rating; says co's management implied slower growth in its
Q4 forecasts 
    ** Brokerage expects co to see slowing growth persist
through 1H23
    ** Morgan Stanley also cuts PT on co to $11 from $18;
maintains 'equal-weight' rating
    ** Co on Thursday cut its workforce by about 13% to move
forward breakeven timeline to Q4 of FY23
    ** Stock down ~76% YTD, including session moves 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))