Piper Sandler analysts raised their price target on Bill.com Holdings (NYSE:BILL) to $165.00 from $110.00 while reiterating their Overweight rating.

According to the analyst, positive early signs of demand stabilization in core TPV (Total Payment Volume) based on third-party inputs, combined with a deeper analysis of underlying growth catalysts for the next year, have led to an upward revision of estimates.

The analysts believe there is potential for exceeding the consensus growth of 24% for fiscal 2024. Additionally, the introduction of a new unified console across BILL and Divvy could unlock significant growth, as each $1 billion GMV (Gross Merchandise Value) cross-sell could generate over $250 million in incremental revenue.