RBC Capital Downgrades Wix.com (WIX) to Sector Perform
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RBC Capital downgraded Wix.com (NASDAQ: WIX) from Outperform to Sector Perform with a price target of $45.00.
Analyst Mark Mahaney commented, "Shares of WIX have achieved our $45 price target. YTD, WIX shares have dramatically outperformed the market, up over 97% vs. the S&P 500 which is up 7%. Per our recent “Sir Wix-A-Lot Drops Another Hit” report, WIX has been a material outperformer in the Internet sector this year. Given the steady improvement we have tracked with WIX’s fundamentals, we believe this outperformance has been justified. However, with the stock now trading at 48X ’16E EV/EBITDA and 6.5X ’16E EV/Sales – amongst the highest multiples in the sector – we see valuation upside as limited from here. We now see more attractive Risk-Reward elsewhere in the Internet Small Cap sector."
Shares of Wix.com closed at $44.40 yesterday.
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Related EntitiesRBC Capital, Standard & Poor's, Mark Mahaney
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