This rating did not help.
Guggenheim's bearish start on short growth runway
Oct. 26, 2020 4:45 PM ET|About: BigCommerce Holdings, Inc. (BIGC)|By: Brandy Betz, SA News Editor
Seeing a more limited runway compared to its peers, Guggenheim starts BigCommerce (NASDAQ:BIGC) with a Sell rating and $65 price target.
Analyst Ken Wong says BigCommerce could benefit from retail's shift to e-commerce, but he's concerned about "the competitive landscape, which features large formidable software peers" that have larger sales channels and product portfolios.
BigCommerce competitors include Shopify (NYSE:SHOP) and Wix (NASDAQ:WIX).
Wong says BIGC has more limited growth because new product revenue depends on partners, and that growth outlook doesn't justify the company's "premium" valuation.
BigCommerce shares are down 1.3% AH to $82.20.