BIGC - BigCommerce gains bear at Citi on valuation competition concerns

Citing the "lofty" valuation, Citi starts BigCommerce (BIGC) with a Sell rating and $65 price target, an 11% downside to yesterday's close.Analyst Drew Foster: "While growing into lofty valuations is not an infrequent outcome for software IPOs, we project eventual growth rate will likely fall short of what is embedded in the stock at these levels."The analyst sees BigCommerce serving the small- and mid-sized enterprise market, where the company could face tough long-term competitive pressure.BIGC shares are are down 6.8% pre-market to $68.36.Here's a look at BIGC's return vs. the tech sector (XLK) and S&P 500 since the August IPO:

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BigCommerce gains bear at Citi on valuation, competition concerns