shares of expensify inc exfy were rocketing 12 in monday morning trading after bank of america analyst koji ikeda turned bullish on the expensemanagement companys stock upgrading it to buy from neutral expensify has just 140 employees and ikeda thinks that its lean business model will help the company pivot quickly from higher rev growth to higher ebitda margins he also likes the companys freemium business model which he sees as well suited to very small businesses and slightly larger businesses which can be more focused on costs the freemium model creates a path to digital workflow optimization specifically being an organizations first preaccounting tool ikeda wrote we believe expensifys customeracquisition model is a key differentiator he also thinks that smaller businesses are better prepared today than they were in 2020 for a potential recession ikeda boosted his price objective on expensifys stock to 25 from 20 the shares have added 14 over the past three months as the sp 500 spx has slipped 11