BIGC - BigCommerce loses bears as strong earnings prompts trio of upgrades

Guggenheim upgrades BigCommerce (BIGC) from Sell to Neutral and removes its $60 price target, saying the company's valuation has now moved inline with its peers. The firm notes that investor sentiment was "cautious" heading into the print, but BigCommerce topped Q1 expectations and strong enterprise activity pushed the full-year outlook higher.Morgan Stanley upgrades BIGC from Underweight to Equal Weight and keeps the $57 price target, highlighting that hte company reported its fourth public and eighth consecutive quarter of accelerating ARR growth, which demonstrates the strategic importance of its e-commerce software.Citi moves from Sell to Neutral on BigCommerce but lowers the price target by $10 to $55. The firm says that "Q1 again demonstrated enterprise strength as pandemic-related tailwinds taper," and the recent pullback moved BIGC beyond Citi's bear case. The firm stays on the sidelines ahead of the tougher comps from Q2 to Q4.BIGC shares are up 5.2% pre-market to $48.90.Background: BigCommerce stock

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BigCommerce loses bears as strong earnings prompts trio of upgrades