BIGC - BigCommerce dips after Guggenheim's bearish start on short growth runway

Seeing a more limited runway compared to its peers, Guggenheim starts BigCommerce (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 (SHOP) and Wix (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.BigCommerce has a Neutral average rating with Wall Street analysts and Seeking Alpha contributors.

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BigCommerce dips after Guggenheim's bearish start on short growth runway