The tech sector may be in the middle of a retrenchment, but Bill.com is poised for major growth, according to JPMorgan. Analyst Tien-tsin Huang initiated coverage of the stock with an overweight rating, describing Bill as a "a bona fide growth stock with early-mover advantages." "BILL has built a platform to solve the age-old problem SMBs (small and medium-size businesses) have in paying bills, and has established itself as the category leader, and we expect growth to accrue quickly. Our forecast mid-term revenue CAGR of nearly 50% ranks BILL as the #1 fastest grower in our coverage, deserving of a premium multiple," Huang wrote. Shares of Bill have fallen more than 60% since its high last November, dragged down with most other tech stocks. The company still does not turn a profit, but its acquisition of Divvy last year is starting to pay off in strengthening its cash flow, JPMorgan said. "The majority of growth to date has been organic, but BILL recently started introducing the Divvy product to the installed base, unlocking significant earnings power – 1% penetration of Divvy into install base equates to as much as 7% revenue lift all else equal," Huang wrote. JPMorgan set a price target of $140 per share, which is 22% above where the stock closed on Thursday. — CNBC's Michael Bloom contributed to this report.